Timing is Everything
Timing is everything – in comedy, in music and yes, even in bankruptcy. In bankruptcy, when to file is a claim is as important as the filing itself. Factors to consider include: (1) whether an asset was transferred to a friend, family member or business partner and when the transfer was made; (2) when tax refunds might be received; (3) whether taxes are owed and how old the tax debt is; (4) how much money is in the bank; (5) whether secured debt is current; (6) when and how much unsecured creditors were paid; and even (7) when the next payday is. Filing for bankruptcy without knowing the answers to the above questions and without fully considering the potential consequences might mean paying hundreds or even thousands of dollars more than necessary to the creditors after filing for bankruptcy. Bankruptcy attorneys might not be able to tell a good joke, but they sure can time a good bankruptcy filing.