MenuThe first part of this post discussed reasons people file bankruptcy quickly. Today, I continue by discussing some of the numerous reasons people wait some period of time before filing bankruptcy. As noted in the prior post, the timing of filing a bankruptcy case can be a complex decision. Even within one case there can be reasons to move quickly and reasons to move slowly. Knowledgable bankruptcy counsel can be of great assistance in balancing these competing concerns.
Look-back Period
A look-back period is a window of time into the past where facts or transactions are relevant to application of a particular law. Most commonly refers to the periods of time prior to filing bankruptcy where transfers can be scrutinized as preferential or fraudulent, but may refer to any of the numerous time periods computed into the past based upon the petition date.
