Many feel uncomfortable talking about it, even with a trusted friend or family member. The simple mention of the word can bring up a wide range of feelings.
Fortunately, a bankruptcy attorney understands that you are going through a very trying and emotional moment. They’re mindful of the fact that most bankruptcies are caused by events outside of your control, such as the loss of a job or a serious health problem. No bankruptcy attorney will ever blame or pass judgment on their client. Instead, they assist them in finding a workable solution to their financial woes, including credit counseling and debt settlement.
A reputable bankruptcy attorney will also not try to guide you into filing for bankruptcy. You may leave your initial consultation with the advice to wait or even decide to skip bankruptcy entirely. Consultation should revolve around securing your assets as well as your capacity to have your debts discharged.
Bankruptcy Consultations: What To Expect And How To Prepare
If you’re filing for bankruptcy, you should know every situation is unique. Whatever your specific predicament, there’s a solution out there for you. After giving your lawyer the fundamental details, you may start discussing your options. If the consultation goes well, you’ll have a road map to re-establishing your financial security.
Focusing on this ensures your bankruptcy consultation is as productive as possible.
Here are the steps to prepare to file for Chapter 7 or Chapter 13 bankruptcy:
- As you try to become debt-free, take stock of your current assets. This is as important as figuring out how to safeguard them.
- Think about how long it could take to pay off your debts after declaring bankruptcy and how much money you would have to spend.
- Outline the measures that must be taken immediately following this to petition for bankruptcy.
- Arrange a consultation. When you meet with your lawyer for the first time, they will provide sound advice and suggestions for moving forward. Even though you’re just starting, a seasoned attorney can already offer you a sense of what you might face later.
What To Bring When Meeting With A Bankruptcy Attorney For The First Time
You ought to bring key documents to the first meeting, even if it’s just an introduction. The following is a list of papers that may be useful in explaining your case to your attorney.
- Tax returns: Make sure you’ve filed all your tax returns for the last two years. It would help if you also tried to submit all other paperwork associated with your income taxes for the last two years.
- Proof of Income: Your bankruptcy attorney will want to see proof of your income before proceeding. It could be your salary from a job, the money you got from freelance work, a child support order, funds from your retirement account, or money from social security. If you go with the first choice, you should give proof of income for the previous six months.
- Domestic Expenses: Finalize your budget by adding up all the money you spend on utilities, clothing, food, rent, and other things your family needs to survive daily. Include all of your regular monthly bills and other expenses here. Donations to charity, interest on loans, and insurance premiums should also be factored in.
- List of Creditors: If you’re considering bankruptcy, you probably have numerous financial obligations. Your debts, whether from medical bills, car loans, credit cards, personal loans, mortgages, or anything else, should be itemized and written down before you go in for the consultation. You should also bring a copy of any summons or notices that you have been served with in lawsuits.
How Do I Get In Touch With An Attorney Specializing In Bankruptcy?
Start by checking your local directory. You can also go online to scout reputable practitioners. Make sure to check credentials and reviews to ensure you’re working with someone you can trust. Referrals from friends, family, and colleagues also help.
The things mentioned above should give you some idea of how smooth the initial bankruptcy counseling is. Working with a bankruptcy attorney is a big step that requires a lot of guts. But once you do it, you’ll feel much more at ease with the process. You won’t have to figure out which chapter to file under, compile the required paperwork, or face your creditors without support. Those who file for bankruptcy with the assistance of an attorney are also usually successful in having their debts dismissed. Receive the aid you deserve today.