Could someone tell me WHEN I should let someone know that I need to file for bankruptcy? Before i do so, after, or during? Also, how much information to give, and should I let them know the plan of action i will be taking after bankruptcy.
If you are experiencing financial difficulties (excessive indebtedness, items in collections, wage garnishments, etc) that should be reported. Once you file for bankruptcy, you will need to report that. Speak with your FSO, they can provide what you will need to report. You should have received a list of incidents that are “reportable”
I had to report such issues back in 2010. If I recall correctly, once bankruptcy was filed I had to submit a report showing assets, debts, reasons why the bankruptcy occurred along with a timeline, and a plan for moving forward.
Hope this helps.
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In addition to bankruptcy and “excessive indebtedness,” SEAD 3 requires you to report a debt when it becomes over 120 days delinquent. That usually occurs before filing bankruptcy.
Thank you for the information.