If you are thinking of filing bankruptcy, keep in mind that the timing of your bankruptcy case can make a huge difference on the overall outcome. Introducing a little delay to your bankruptcy filing process might help you discharge more debt, keep more assets and so on.

The best thing you can do prior to filing bankruptcy is hiring a good bankruptcy lawyer and getting consultation from them. They will point out the best time to file bankruptcy for you.

Here are some reasons why you might consider delaying your bankruptcy filing process.

You’ve Just Changed Your State

Depending on the state you currently live in, most of your assets would be considered exempt from liquidation when you file For chapter 7 bankruptcy. So, if you have just moved to a state with more favorable exemptions, you should wait for some time before filing bankruptcy. This will help you benefit from the exemptions provided by your new state.

On the other hand, if you just found out that your previous state had more favorable exemptions, you should fine as soon as possible to get the exemptions available in your previous state. You can click here for more information.

You’ve Starteda Job That Pays Low

When you file for bankruptcy, your average income for the last six months is considered when calculating the repayment plan. So, if you have just started a job that pays lower as compared to your previous job, you should wait for at least 6 to 7 months to bring your average monthly income down.

On the other hand, if you have just started a job that pays more, you could file bankruptcy as soon as possible to avoid an increase in your average monthly income.

These were some reasons to delay or accelerate your bankruptcy filing process.