Attorney Huong Lam

Is Now a Good Time to File?

Bankruptcy can be a big decision for you and your family. You may be wondering if it is a smart idea to file or if you should try and stick it out to see if things get better. Timing is important in many situations in life and bankruptcy is no exception. It is always a good idea to speak with an attorney, like our own Myrtle Beach Bankruptcy Attorney, Huong Lam, to discuss your options and whether it is the right time to file.

What are some of the major reasons to hold off on filing? In our experience, one of the biggest obstacles that come up is major medical procedures. If you know you are about to go into the hospital to have surgery, are pregnant, or have another emergency that may require further treatment, it may be best to wait to file. Your bankruptcy will only cover debt that is incurred before your petition is filed with the court.

Below are some other issues that can negatively affect you if you file too early:

  • Income tax repayment
  • Overcharging on credit cards right before filing
  • Paying off or making large payments on certain credit cards before filing
  • Transferring or “gifting” substantial property/assets before filing
  • Recent moves to a new state
  • Filing a new bankruptcy too soon after a previous bankruptcy
  • Filing before a loss of income or even a big gain in income (this may affect the chapter you can file)

Alternatively, there are also reasons to go ahead and file:

  • Your home is in danger of foreclosure
  • You are behind on your vehicle and wish to keep it
  • You have a pending lawsuit

This is not a comprehensive list of things that may affect your bankruptcy filing. If you are thinking about filing, please give our office a call at (843) 839-9995 and we can get you set up for a consultation with our attorney, Huong Lam.