When Should I File Bankruptcy?

Transcription:

Hi, my name is Robert Geller and I am with the Law Offices of Robert M Geller, PA. We are a consumer bankruptcy law firm. Today I want to talk to you about when you should file bankruptcy and timing in bankruptcy. Timing in bankruptcy is really pretty much everything. Let’s talk about that. You don’t want to wait too long to file bankruptcy, meaning you don’t want to wait until you’ve depleted your retirement or you’ve spent every penny you have in your savings.

Unfortunately, I’ve seen too many clients come in my office that I could have helped years and years before that. They have depleted all their retirement. In a lot of cases, it’s better that they come in the office as soon as possible for a consultation. A couple of other things about timing for bankruptcy are there are eligibility for bankruptcy with regard to your income.

You just lost your job, you’ve been out of work for a few months, and you’re now 3-4 months out of work. You’re wondering what you should do. And now you just start living off your savings and finally, you get to a point where you get a job offer. The job offer pays you a decent salary, but it’s not going to take you a long, long time to pay off your debt. That may be the wrong time to come into the office to file bankruptcy. With regard to chapter seven, you may not be eligible because now you’re making too much income and you’ve just depleted all of your assets. You may be required to file chapter 13 only because you waited way too long and you’ve depleted all your savings.

Sometimes it’s better to file bankruptcy earlier. Sometimes it’s better to wait to file bankruptcy. Let’s just say that you’re expecting that you’re going to be working for a few years and then you’re going to go into retirement. Your retirement income may be much less. Unfortunately, you see a bunch of medical bills coming down the horizon. Then you may want to consider waiting to file, but obviously, you can come in for a free consultation. We can kind of give you the advice for what would be best as far as your timing is concerned. Timing is also really important if you’re trying to avoid foreclosure. I’ve seen, unfortunately, people wait too long to file a bankruptcy. They’ve come into my office after a foreclosure sale and they wanted to save their home and it’s way too late.

Once a foreclosure sale occurs, pretty much it’s impossible to reverse the foreclosure. The bankruptcy would have to be filed before the foreclosure happens. For example, if you had your property taken, that’s certainly waiting too long. Please consider the timing. Don’t wait too long to file bankruptcy, always come in and get your free consultation. For more information about bankruptcy, you’re welcome to click the link and we’ll be able to give you free information. Again, my name is Robert Geller and I want to help you build a bridge to a brighter future.