When you are eligible for bankruptcy and bankruptcy is your best option, the best time to do it is now!
In your life, you are only going to earn a certain amount of money, whether you take bankruptcy or not.
From that money that you earn in your life, every dollar you pay to creditors in interest and penalties is gone forever. The dollars that you pay creditors in interest and penalties could be going toward a better life for you and your family.
When bankruptcy is your best option, you gain nothing by waiting.