Best time of month to file bk

[pitts48]

I am looking at filing a chapter 7 BK and trying to decide what would be the best time of month to file. My income is now just social security, which I receive around the 3rd of the month. Seems like I should have all bills paid and close to no money left in bank account. Any thoughts on this?

Thanks, pitts48

[lrprn]

The best time to file is usually based on two things - when during the month your accounts are at their lowest, and when the six-month look back for income will be most in your favor.

Your account amount is set on the day you file, so you want to coordinate to file when your account is at its very lowest during the month. Most lawyers suggest having no more than $300 in the account if you can manage it. However, the six-month back look is done by the month, not by the date, so you have to adjust that accordingly too.

Figuring out both factors to your best advantage determines the best month and the day of that month for you to file.

[HenriettaHen]

"six-month back look is done by the month"

Yes - so you figure your paperwork on the six months PREVIOUS to the one in which you actually file the petition with the Court.

No matter what date you FILE on, during any month, your petition reflects six months back from the last day of the previous month.

This had me a little stumped, too. ;^)