When is the best time to file bankruptcy?

Question

Details - Got misguided by a con-artist mortgage broker.  I was paying my mortgage on time and then refinanced because he told me I'd get a lower interest rate.  The bank "forgot" to put an escrow account in my loan, unbenownst to me until nearly a year later.  It jacked my payment up by $900/mo.

Anyway, tried restructuring with the bank and put my house on the market.  I found two buyers but the bank has been unwilling to come down on their price, even though the house's value has depreciated significantly.

I had a 722 score but now my credit is completely shot all because I made a dumb choice by refinancing and got taken.  So... I really didn't want to go through bankruptcy but only as a last resort.  However, the house is still in limbo with the potential buyer (short sale) #2 if the bank agrees to an offer.  Should I file bankruptcy now or when it gets closer to a court date?  I get about 50 calls a day from bill collectors. I just leave my phone on silent and keep on working.

I know there's never a BEST time, so when is the RIGHT time if someone is contemplating bankruptcy?  And what will happen to me?

nflfreek · Accepted Answer

AN ATTY WILL STOP ALL THOSE COLLECTIONS CALLS BUT U WILL HAVE TO REFER THEM TO YOUR ATTY. IT WILL COST YOU BETWEEN $1200 TO $2000 BUCKS TO FILE & THAT INCLUDES COURT COSTS. 

YOU DO NOT HAVE TO PAY IT ALL UP FRONT BUT YOU WILL HAVE TO PAY $200 OR $250 TO RETAIN AN ATTY & STOP ALL THE CALLS. YOU CAN TAKE UP TO BUT NOT RECOMMEND 6 MONTHS TO PAY THE FULL ATTY AMOUNT. THE SOONER THE BETTER. 

YOU WILL ALSO HAVE TO TAKE AN ONLINE CREDIT COUNSELING COURSE WITCH TAKES NO TIME TO DO. THE ATTY WILL NOT FILE UNTIL YOU'VE PAID THEM IN FULL & YOUR CREDIT WILL BE SHOT FOR SEVERAL YEARS MEANING YOUR NEW CAR INTEREST RATES WILL BE MUCH HIGHER & YOU'LL HAVE TO PUT DOWN A BIGGER DOWN PAYMENT JUST LIKE MILLIONS OF OTHER AMERICANS INCLUDING MYSELF. 

GOOD LUCK

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When is the best time to file bankruptcy?

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