Why July Is The Best Month To File Bankruptcy

The best time to file bankruptcy is when you have taken an objective look at your finances and realize you just cannot go another day with out doing something to put an end to the nightmare that is your financial life - it is probably best to make this decision with a lawyer. Once the decision to file has been made there are a lot of documents that have to be gathered, I mean A LOT. Of the documents that need to be produced in order to prepare your petition are SIX months of paystubs.

Some people are very organized and know the exact location of every paystub received since puberty. Other people, make that most people, have to search through piles of documents in order to produce these documents and even then, some may still have to contact their human resources department for this information. If you are near the month of July and can put off filing your bankruptcy until then, July is the easiest time of month to file bankruptcy in terms of NOT having to produce six months of paystubs.

Because the income reported for the means test is income earned in the six months before filing, the first paystub received in July will reflect the money you made for the previous six months exactly. That’s right, file in July and check one more item off of your document production list!

Good luck!