When is it the appropriate time to file for personal bankruptcy
The most popular question we get from clients is: "When do I know it is a good time to file for bankruptcy?"
Generally speaking, if you arre unable to meet your expenses and debt obligations, and there is no imminent realistic change in your financial circumstancess, then you should seriously consider bankruptcy as a viable strategy for you. The two most basic kinds are a Chapter Seven which means a complete liquidation and discharge of debt, or a Chapter Thirteen where you reorganize your debt into a payment plan usually of 5 years in duration. Which one is right for you depends on many factors, in particular, when you have significant assets and/or income.
It is important for you to make the decision to do a bankruptcy before you have depleted all your resources. There are many exemptions, including unique Florida exemptions to many assets which means you can preserve these assets for you and still discharge your debt. A lot of individuals try to wait until the last possible moment before discharging their bankruptcies. However, such a strategy usually does not maximize your rights and benefits.
Indeed, although we can provide a general guidance, each individual is different and every situation is different. You can have us evaluate your specific situation in a free bankruptcy initial consult.
More Information: For more information, please visit our bankruptcy page
Attorney: Stephen Biggie
Date Filed: November 1, 2012