How long should I wait before filing?

[seattle]

I was a small business owner. I sold my business a few days ago for $25,000, $7000K of which went to pay off debt, however, I'm still left with $60k debt and I plan to file chapter 7. I'm recieving $1000 lease from the business, which goes to rent, food, etc.

How long should I wait before filing for bankrtuptcy? I sold the business through a restaurant business broker, at market value. I only recently stopped using any of the cards.

[HHM]

Well, unless your state has an exemption to cover the cash you received, you need to spend down that cash before filing BK. Go talk to a BK attorney NOW. You will need to find a firm that will assist you with pre-BK planning, so you get the maximum benefit of the proceeds you received from the sale.

[frogger]

Provided the sale was an arms length transaction -or- if you got true market value, then there should be no need to wait. Your attorney can tell you more.