While bankruptcy can offer immediate debt relief, which certainly sounds attractive if you're being hounded by debt collectors or facing a potential lawsuit. However, there are many situations in which waiting can maximize the benefits of filing for a bankruptcy and truly help you get your life back on track.

Robert A. Schwartz, a Rochester bankruptcy attorney with over 30 years' experience, recommends holding off on filing if:

• You're Trying To Get A Mortgage Modification: Bankruptcy is an excellent way to delay foreclosure proceedings, but filing too early can actually diminish your chances later on. Once you've gone bankrupt, most banks will refuse to continue negotiations, so it should only be considered as a last resort unless you're planning to file for Chapter 13.
• Your Income Has Recently Changed: Financial distress is often caused by a job loss or serious pay cut. However, the bankruptcy court will look at your income for the previous six months when determining if you're eligible to discharge your debts. If you've recently lost your job, waiting for at least six months can significantly increase your chances of a successful petition.
• You Anticipate More Debts On The Horizon: Bankruptcy is an excellent way to wipe the slate clean, but it only affects those debts you already have. If you're anticipating large medical expenses or other bills in the next year, it may be in your best interests to wait until after you incur those debts to file.

Over the years, Robert A. Schwartz has helped thousands of borrowers achieve the financial relief they deserve, with a combination of personalized attention and old-fashioned expertise. After reviewing your financial situation, he'll create a legal strategy tailored to your case. To learn more about his services and schedule a consultation, visit his website or call (585) 351-2929 today.