No. In most cases, waiting to file bankruptcy, without a legitimate reason, can backfire on you.

It's natural for people to put off unpleasant things like filing bankruptcy. But if you know that you need to do it, don't wait. Get it over with. Why should you not wait? Several reasons:

1. You may start making more money and no longer qualify to file chapter 7 bankruptcy if you wait to file bankruptcy.

2. A creditor may sue you, get a judgment and seize your money or property if you wait to file bankruptcy.

3. You could lose your home to foreclosure or your car or truck to repossession if you wait to file bankruptcy.

4. One or more of your creditors could decide to declare the debt uncollectible and send a 1099-C Cancellation of Debt form to the IRS so you may owe income taxes on the amount forgiven if you wait to file bankruptcy.

5. Finally, if you wait to file bankruptcy you are just putting off the day that you are debt-free, and can re-establish your credit and get on with your life.

J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization