While there are no strict guidelines determining when a person becomes eligible to file for a bankruptcy, there are certain conditions that must be met before the court will approve your petition. According to Ray T. Kennington, Attorney At Law in Ozark, AL, the timing of when you file offers other potential benefits. It's important to consult a legal professional before taking your first step.

If you're planning on filing for a Chapter 7 bankruptcy, the court will apply a means test to determine whether it would be possible for you to pay back a portion of your debts. As part of the test, the court will take into consideration several months of income, which can potentially derail your petition if you recently experienced a major change of income. By waiting several months, your reduced income over a period of time will increase the chances the court will approve your petition.

Another major benefit of filing for bankruptcy is the automatic stay, which puts an immediate stop to all collections activities including wage garnishment and foreclosure. If constant calls and the threat of losing your property is putting undue stress on you, this may be the ideal time to file for bankruptcy and reclaim your life.

The lawyers at Ray T. Kennington, Attorney At Law pride themselves on providing high-quality legal services to people struggling with debts they can't repay. Visit their website now to see their full list of legal services, or call (334) 445-1200 to schedule a consultation with an affordable bankruptcy attorney today.