By: Darrell Castle
The time to file for Chapter 7 bankruptcy really varies from person to person
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When is the best time to file for Chapter 7 relief?
Hi, I’m Darrell Castle and I’m an attorney licensed to practice law in the state of Tennessee and that is a very difficult question to answer. The answer is that it varies from one person to another.
One person might need Chapter 7 relief because he has a medical bill that he can’t pay – a large medical bill. Perhaps someone has been sick and in the hospital for a while so that medical bill could be six figures- very large – and perhaps not covered by insurance and the doctors and hospitals and so forth are not reasonable about it. So the person has no possible way to fund it – that might be a good time to look at Chapter 7 relief.
For others, it may be something else. Perhaps you had a lease on an apartment and for one reason or another, you had to leave and now the landlord wants the balance of that lease. That’s enough money to put you into Chapter 7. That’s another situation in which you might have to consider it.
There are many other types of bills.
Perhaps you had a business deal that you entered in and it turned sour on you. You could get Chapter 7 relief.
It’s like a trump card is what I’m trying to say. It trumps all other things.
But remember, you can only do it every 8 years. Once you file and you receive a Chapter 7 discharge, you have to wait 8 years before you can do it again. So, it is very important to use it as wisely as is possible and it is a good way to get a fresh financial start and clean up your financial life and start over folks.