Timing is frequently an important consideration with respect to the filing of a bankruptcy case.   When you have made a transfer to or for the benefit of an insider, you may wish to wait until the one year preference period or the two year statute of limitation has expired.

When you owe state or federal income taxes, you may wish to wait until the three year nondischargeability period has passed.

If you are under considerable pressure from creditors, however, you may not be able to wait.  Nevertheless, you should know about the following:

-  An inheritance likely to be received witin the 180 day period following the filing of the petition will become property of the estate.  In such circumstances, you may be able to take steps to disclaim the inheritance or suggest to the benefactor that the bequest be left to another party, such as your kids.