My husband and I are overwhelmed with our debt, and we will be receiving a few more large medical bills soon—is immediately filing for bankruptcy in Arizona an option to relieve us of this debt?

In matters of life, they say that timing is everything, and bankruptcy is no exception. When you file for bankruptcy here in Arizona (or anywhere, for that matter), the only debt that will be included in your discharge or repayment plan will be the debt that existed at the time of filing. This means that you will assume full responsibility for any medical bills you receive after you file.


Because of this, it is important to strategically plan your filing to include the bulk of the debt you can reasonable foresee accruing in the near future. While we can never know for certain what life will bring, if you know that your husband has one more surgery to undergo, you can wait to file until you are billed for that surgery.


While it may seem impossible to wait any longer to relieve yourself of this financial burden, there is a very good reason we recommend waiting to file until you can include the bulk of your debt. If you were to file for bankruptcy today, there are very strict limits as to when you can seek another discharge through bankruptcy. This means that if you filed for a Chapter 7 bankruptcy now, you would need to wait another eight years before you can file again. If you filed for a Chapter 13 bankruptcy, your waiting period would be four years.


We know what a huge decision filing for bankruptcy can be, and we want you to get the biggest bang for your buck, both literally and figuratively. If we can help you alleviate your financial pressure in one, effective petition, it will benefit you in the long run. If you have further questions about timing your petition properly, call Curry, Pearson & Wooten’s Phoenix bankruptcy attorneys at 602-258-1000 today to learn more.