Preparing to Meet with a Bankruptcy Attorney for the First Time

by | Jun 25, 2015 | Bankruptcy Law

After trying everything to rein in the finances and make some headway with the debts, it is apparent that bankruptcy is the only practical solution. After placing a call to a local bankruptcy attorney, the time has come to begin preparing for that first visit. Here are some examples of things the client should take along for that first visit.

Documents Related to Income

Gather any documents that help to illustrate the amount of income the client generates monthly and annually. Documents like paycheck stubs, bank statements, and income tax returns are examples of what to take along. Many people are surprised to learn that, if they earn under a certain amount per year, they will qualify for bankruptcy protection with no problem. Even those who may make a little more than the minimum are also likely to qualify based on their circumstances.

Information About All Forms of Debt

To evaluate the situation of the client, the bankruptcy attorney will need to see documentation related to each outstanding debt. Bring the most recent credit card statements. If payments have already been made on some of those debts since the last statements, access the account detail online and print out copies to show the most current balances. Include copies of loan contracts and any other forms of debt that would be included in the bankruptcy petition. The attorney can compare the debt to the income level and help the client identify which form of personal bankruptcy would be best.

Data About Other Assets

Depending on the type of bankruptcy protection sought, the court may declare certain assets to be eligible for sale. Others will be considered exempt and not subject to sale. For example, the car the client drives to and from work would be exempt, but a second car that is only used occasionally could be sold to partially offset the debt load. Providing the attorney with information about all assets will make it easier to determine which ones the court will consider exempt and which ones may be sold as part of the settlement.

For people who believe that bankruptcy is the only solution left, contact Chicago Debt Solutions today. After the first meeting, it will be much easier to look toward the future with more hope. You can like them on Facebook.

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