Q: I'm sliding further into debt and want to know when is the most strategic time to file for bankruptcy, if necessary.
A: The ideal time to file bankruptcy is when your personal or business debt is so overwhelming that would not be a able to pay it off, also when you desire a fresh financial start.
By your hesitancy to file bankruptcy, is like a lot of people, you think that bankruptcy is somehow a negative event.
The doctors says "you have a severe lung infection, which could lead to more serious lung diseases. You will have to take a very strong ant-biotic and it may have some side effects, ... but it will cure the lung infection and you will feel much better." YOU respond by saying "what would be the most strategic time to take the medicine?" The doctor replies "When do you want to get better?"
You have a basic misunderstanding of bankruptcy and perceive the bankruptcy as the problem. This is not the case. You have multiple creditors calling all hours of the day, credit card companies suing you, the bank threatening to foreclose on your home.
Bankruptcy is not the problem... it is the medicine that cures your financial problems, stress, and worries about how you are going to pay all your debt etc.
The question is not when is the best time to file the bankruptcy, the real question is when do you want to be free from financial worries and stress about your future.
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