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