The answer often depends on the type of debts, the nature of the non-exempt assets and actions being taken by creditors to collect.  First, since bankruptcy only discharges debts prior to the filing, make sure all the anticipated debts have actually been incurred, since you can’t file again for eight years.  If you are anticipating money in the future such as a tax refund, it might be harder to exempt whereas if you receive it and pay it down through the payment of normal everyday expenses, it might be easier to exempt the balance.  Similarly, if one expects an inheritance due to someone’s death within 180 days after the filing date, the decision to file must again be evaluated since the property might have to be turned over to the trustee.  If a creditor is about to garnish wages or a bank account, one should probably consider filing as soon as possible to prevent this.  Another question is will or will you not be over the means test threshold in a given month such that you may not qualify to file.  The bottom line is that there are many factors that go in to when to file a bankruptcy.  If you have questions in this regard, please feel free to call attorney Mark O. Grater in Groton, CT at 860-449-8059 or visit his web cite at www.graterlaw.cim.