Domestic Asset Protection Attorney
International Asset Protection Attorney About us FAQ Books & Publications Seminars Links & Resources Contact Us
Corporations
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemptions
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

Five timing factors to consider when filing bankruptcy

Bankruptcy timing is critical. Debtors frequently file too soon or too late. In either instance, they lose possible benefits from their bankruptcy.

Some tips:

1) Collect your tax refunds before you file. Tax refunds due to you when you file will be claimed by your trustee

2) Don’t file bankruptcy too soon after paying a past debt if you want the creditor to keep the payment or the payments may be recoverable by the trustee as a voidable preference. Payments made within two years to relatives or other insiders are also recoverable

3) If you anticipate future debts, then file after they can be discharged in bankruptcy. An example would be continuing medical costs due to an extended illness

4) Make certain you owned your home long enough to qualify for homestead protection before you file bankruptcy

5) Wait to file if you incurred bills for non-essentials. More recent charges are not dischargeable.

Related links:

The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050
Website: