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There are many factors to consider when making the decision to file for bankruptcy. Under certain circumstances, it may be a good idea for you to delay filing. For example, if you anticipate significant expenses in the near future that will result in new debts, then filing too early will leave you responsible for those debts. One example might be undergoing surgery; filing for bankruptcy after your surgery will eliminate your medical debt.

If you’re considering filing for bankruptcy because you’re facing foreclosure, ask your bankruptcy attorney if it’s a good idea to delay filing. Often, homeowners can obtain a mortgage modification for more favorable terms. However, it’s much more difficult to successfully modify your mortgage after filing for bankruptcy. There are many other reasons why you might wait to file your bankruptcy petition; talk to a lawyer about your unique circumstances.

Cutler & Associates, Ltd. is a bankruptcy law firm with seven convenient locations, including Aurora and Schaumburg.