Reasons To Delay Filing For Bankruptcy

When you are considering filing for bankruptcy, there are things to take into consideration first that could end up having a huge impact on your case. In some situations, waiting to file bankruptcy might be in your best interest. Take the following reasons to heart before contacting an attorney. When you do decide to hire help, find a reputable bankruptcy attorney in Washington, PA, such as the one found at www.mcelrathlaw.com.

Moving

If you have just moved to a new state or are planning to move soon, take time to decide which state would offer the best exemptions during your bankruptcy. Each state has their own list of possible exemptions which debtors are allowed to use. If you plan to file in your new home state, you will have to wait until you have established domicile before you can start the process.

New Job

If you are getting ready to start a new job that pays less than your previous one, waiting to file bankruptcy might be a better option than filing right away. In order to qualify for a Chapter 7 bankruptcy, you will have to pass a means test. The lower your income is, the more easily … Read More