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.