4 Reasons to File Your Bankruptcy Sooner Rather than Later | John Skiba - JDSupra
Fantastic article for those of you trying to decide whether you should keep waiting or procrastinating about filing for bankruptcy. Most importantly is the first point:
"In order to file a Chapter 7 bankruptcy you must qualify under a means test. We are required to look at your income over the prior six months and take an average. We then compare what you earn to what the median income for a family of your size in [New York] makes. If you make about the same or less than the typical [New York] family of your size you will qualify for a Chapter 7 bankruptcy. If you make significantly more you will likely be required to file a Chapter 13 bankruptcy. If you are currently experiences lower pay than you have in the past, or if you anticipate that your pay will be going up in the near future, it is often in your best interest to get your case filed sooner while you still qualify for a Chapter 7 bankruptcy. Waiting may result in your income increasing and forcing you into a Chapter 13 bankruptcy."