Ten Top Items to Bring When You Meet With a Bankruptcy Lawyer
Few people actually enjoy filing for bankruptcy. Admitting to the world that you're unable to meet your commitments is not a pleasant task. However, once you are able to get past the initial shock, you will begin to realize that it is an opportunity to start over again financially. The first step on a journey through the bankruptcy courts is meeting with an attorney. Once you have selected and made an appointment with a bankruptcy attorney, you will need to gather certain specific items together to bring with you to that meeting.
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Debts and Assets
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Begin by making a list of every debt you have. This will include your mortgage, vehicle loans, student loans, tax liens, child support, spousal support, credit cards, lines of credit, judgments obtained against you, any ongoing lawsuits, insurance policies, garnishments and repossessions. Find the paperwork for these items and gather it into a stack to take with you. The next step is to list all of your assets, including bank accounts, stocks, bonds, IRA and 401k balances. Gather the appropriate paperwork for these items as well. You will also need to bring your two most recent pay stubs and two most recent income tax returns.
Personal Property and Expenses
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Make a list of all of your personal property, in general terms -- e.g., clothing, books,and furniture -- and provide an estimated value for each item based on what you would pay at a yard sale. Then make a list of your monthly income and expenses. You do not have to list details such as "going to movies" or "ordering pizza" -- instead, you can make general categories, such as "entertainment" and "food," which would include all of the activities that fall into those categories; e.g., groceries, takeout and dinners out.
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Decisions, Decisions
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One of the difficult aspects of filing for bankruptcy is deciding which pieces of property you can live without. For instance, if you have two houses, you will likely have to choose only one to keep, while the other will go to the bankruptcy estate. If you have more than one vehicle, chances are that you will only get to keep one of them, for a single person, or two, for a married couple. Therefore, your next step is to list the items that you most want to keep.
Questions and Answers
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Make a list of questions to ask your attorney. One important question to ask would be whether you have to list all of your creditors in the bankruptcy. For instance, if you have one credit card that you use for gasoline only and you pay it off in full each month, is it really necessary to have this creditor discharged in bankruptcy? You should also be prepared to pay the attorney up front for his services. Many bankruptcy attorneys charge a flat fee that includes filing fees and other expenses. Do not be afraid to ask any question. Your attorney knows more about bankruptcy than you do, and you are paying her to help you get through this situation.
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References
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