I plan on filing chapter 7 bankruptcy, but feel the timing is not good at the moment. I met with several attorneys regarding my particular situation and the advice varies. I do realize that every attorney will have a different opinion and use there own methods. Just trying to make the best decision. Some attorneys seem to be strictly "by the book" and some the opposite. I know you cannot answer this question based on not knowing my specific situation. I know the law is not "set in stone" on this and the trustee might be the only person that matters. Just curious of some general opinions on this.
There is no bright line. The adage "pigs get fed, hogs get slaughtered" is often mentioned in this context. I personally do not think there is anything particularly untoward by timing the filing of a bankruptcy to take full advantage of all exemptions and to achieve all relief available under the Bankruptcy Code. I would think most trustee's would view converting nonexempt property to exempt property is permissible, but only up to a point. Where that line lies is difficult to ascertain.
I agree that timing is important in filing and there is nothing wrong with waiting for the best time to file. If waiting a month or two helps the debtor then that is what s/he should do. Hire the attorney that is working in your best interest. Good Luck!
I am a Massachusetts licensed Attorney. These answers are for informational purposes only.
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