My question is how long should i wait before i file bankruptcy? Here is my story: I owned a retail bike shop for 4 years. During that time i never really made much money and i incurred significant debt in the amount of $75,000.

How long should I wait before filing for bankrtuptcy? I plan on selling the business to a qualified buyer that does not need financing for $25,000. I found the buyer through a business broker. In addition, i stopped using the credit cards but i still have $50,000 of debt remaining.

You can either wait for the jaws of bankruptcy to come crashing down or save your credit and file early. Make sure you talk to a bankruptcy attorney to see what other assets will be affected by filing. If you have equity in your house, or cars, or IRAs, these will all be affected by the bankruptcy.

If you wait too long, then your credit score will be injured anyway.