How long to wait to file

[mizg]

Hiya....your experience and advice is welcomed. How long should you wait to file from the point of defaulting on your PDL's.....I did put a payment down on an attorney the second week of January, defaulted on the loans in December. I have been getting non stop calls. I was planning to pay in full April 1st so that it gave me 3 months of "no activity"....should I file earlier?

[AngelinaCatHub]

I think this is your decision but why wait? Some wait until they get a suit, ans some wait for other reasons to time a bonus off of the six month look back for example. If this is not your case, anytime is up to you. The calls will get worse and the collectors will bug you job, etc.. Best I can do for the info given. 'Hub

[mizg]

I was waiting because I defaulted on PDL's....on Christmas, they deposited my check in the bank on 12:am Friday....I went to withdraw at 2:am after work and it was all gone via ACH debit. I read that if you file too close to when you got the loans, they might think you did not pay deliberatly but I did not. I just got caught in a cycle and went downhill. The phone calls are crazy now but because of the ACH debits, my rent got behind and I am paying some of the rent each check and some to the lawyer...

[Drazil65]

Yes this is pretty much a personal choice and what makes most sense for you and your situation. Time between defaults and other things is typically called for when planning out your bk, have you discussed the timing issue with your attorney? They may have more insight for you and maybe you can file sooner.

As far as the calls go, research Google Voice and then set it up. If you do have to wait to file it will make your life so much easier, there are many threads here so do a search for GV. Good Luck!

[DaisysMom]

When I decided to file and retained my attorney, he told me to just refer the callers to his office. So each time they called I told them that I was filing BK and gave my Attny's name and phone number. They asked if I had my case number yet and I just said that we are getting the paperwork together and he would be the one with that information. That was the last time I heard from them. I guess they assumed it was not worth the time, harassing me if I was filing soon.

If you are making payments, ask your attny if you can refer the calls to his office. I've had two separate attnys and they both did that for me as part of the process.

DM

[bcohen]

The time to file for bankruptcy is when you are being threatened with a lawsuit. Before that, it's just talk, and talk can't hurt you.

It is best to put as much time as possible between when you stopped using credit cards/payday loans/overdraft line of credit and when you actually declare bankruptcy. For example, if you quit paying in 2009 and file today in 2012, no one is going to attempt an AP to contest discharge, because after this much time has passed, that's impossible to prove. Now if you used your credit card(s) or took out payday loan(s) within the 6-month lookback period, you might very well face creditors objecting to discharge.

Either way, debts discharged in bankruptcy will be zeroed out on your credit reports.

[btbeme]

My personal opinion is that time is your friend - the longer, the better - in most situations. Lawsuits are a pain to answer and to clear in BK, so file before they become default judgements. If you expect your 96 year old wealthy uncle to pass away, file sooner than later if you expect an inheritance. If all other ducks are in a row, file. But, I say wait until the time is right, and that can take time.