If You Relocated Recently, Where Should You File for Bankruptcy?

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If You Relocated Recently, Where Should You File for Bankruptcy?

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People might shift to different states due to work reasons. This is generally not a matter of concern unless they have to file for bankruptcy. Since bankruptcy laws and exemptions vary from state to state, it is difficult to keep track of them. Hiring an attorney might be the best decision in this case. you can call 888-297-6023 to know your options from experienced bankruptcy lawyers.

As per Los Angeles based bankruptcy law firm Recovery Law Group if you have been residing in the state for 180 days or more before filing for bankruptcy, then you can file for bankruptcy from here. However, if you have not stayed in the state for 180 days, then you need to file for bankruptcy in the state where you resided for a longer duration before the bankruptcy filing.

Once the state where you will be filing for bankruptcy is decided, you need to focus on when you should file for bankruptcy. For this, you need to check the exemptions available in each state. if you have not yet resided in the new state for 180 days, and the current state offers better exemptions than your earlier one, waiting (for a duration of 180-730 days) before filing for bankruptcy might be a better option. However, if your previous state offered better exemptions, then instead of waiting you need to file for bankruptcy before you finish 180 days of residing in your new state.

You also have the option of filing for bankruptcy in the state where most of your assets are located or where your primary business exists. In case you have filed in a wrong district, you can simply either get the case transferred or dismissed. If you are facing the latter situation, you can re-file your bankruptcy petition in the new district. You can discuss this with qualified bankruptcy lawyers to know where filing for bankruptcy would offer you maximum benefits.