How long should I wait before filing?

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.

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.

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.