When is the right time to file personal bankruptcy? This is a personal question that must be answered on a case by case basis. My general thought is that if a person can bail himself out of debt within a period of six months, he should not file a bankruptcy. The hit on his credit rating will not be worth the fresh start. On the other hand, if the person cannot bail out within six months and the prospects for getting out of debt seem bleak, then filing Chapter 7 bankruptcy is probably the better idea.Many of my clients worry about their credit after filing bankruptcy. They worry about getting financing for an auto, a house or even an apartment. What they fail to consider is that they cannot get credit now under their current financial situation. They must correct the negative credit information, get out from under their debt and try to re-establish credit in the future.It usually takes approximately two years to qualify for a decent mortgage after filing Chapter 7 bankruptcy. One can obtain an auto loan within 120 days of filing a bankruptcy. One can lease an […]

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