Trying to time bankruptcy is at best a tricky proposition. A bankruptcy lawyer will tell you to be extremely careful about even entertaining the idea of waiting for the right time to file. Look at why this is and how it might apply to your situation.
Risk of Fraud Accusations
For a bankruptcy lawyer, there's always a fear that a client's actions before filing will be seen as fraudulent. This is particularly the case if it is clear the client has waited a bit between contemplating bankruptcy and filing.
Any new debts assumed in the months before filing is especially worrisome. Taking on new debts with the cloud of bankruptcy on the horizon may look bad. Creditors have every right to raise questions about why someone assumed new debts, and they can demand discovery on electronic messages, paperwork, and other evidence about when you started thinking about bankruptcy.
Time for Making a Decision
It's one thing to delay a bit if you're not sure you want to file. However, you want to avoid assuming new debts during this period. Likewise, it's worth thinking about how continuing payments and accumulating interest and fees might harm you financially. After all, you'll probably want to head for bankruptcy sooner rather than later if you have a difficult debt load hanging over you.
With that in mind, though, a bankruptcy lawyer wouldn't consider it wrong for you to take a couple of weeks. Just use the time to gather the necessary paperwork for filing. This will speed the process up if you do file. Also, looking at the numbers may help you see that now is the time to file.
Be Careful Moving Assets and Money
Another aspect of the pre-filing period to be careful about is moving any assets or money. If you give a large amount of money to a family member just before you file, for example, your creditors may have legal standing to claw that money back. Similarly, those actions may be grounds for rejecting your application or even filing fraud charges against you.
You want to operate in as much of a financial freeze as possible during this period. While the court will understand that you still have to pay bills, for example, a judge might not be as understanding if you sell a car. Exercise an abundance of caution with any transfer, sale, or purchase that isn't essential.
For more insight on timing your bankruptcy, contact a bankruptcy lawyer.