Facing financial challenges can be overwhelming, and seeking the guidance of a bankruptcy attorney is a crucial step toward finding a solution. To make the most of your meeting with an attorney, careful preparation is key. Here's a comprehensive guide to help you navigate this process and ensure a productive discussion.
1. Organize Financial Documents:
Gather all relevant financial documents, including income statements, tax returns, debt statements, and a list of assets. Providing a clear snapshot of your financial situation will enable the attorney to assess your case more effectively.
2. Understand Your Debts:
Create a detailed list of all outstanding debts, specifying creditors, amounts owed, and any collateral involved. Categorizing debts as secured or unsecured helps the attorney determine the best approach for your unique situation. Debts that have collateral securing the repayment of the loan such as a mortgage for a home or a car loan are considered secured debts whereas credit cards and personal loans are generally unsecured debts.
3. Assess Assets and Exemptions:
Identify and compile a list of your assets, such as properties, vehicles, and personal belongings. The attorney is familiar with state-specific bankruptcy exemptions and can let you know which assets will be protected during the bankruptcy process.
4. Outline Income and Expenses:
Provide a breakdown of your monthly income and living expenses. This information assists the attorney in determining your eligibility for certain bankruptcy chapters and crafting a realistic repayment or liquidation plan. The attorney will send you home with a packet where you can provide all the income, asset, and expense information but having a good idea of these items is helpful in the consultation.
5. Be aware of any emergency or litigation actions against you such as a lawsuit, eviction or foreclosure and let the attorney know.