Here are some planning tips that you can take to prepare for your free consultation with your bankruptcy attorney. No one wants to waste anyone's time, but if you can't answer some of these basic questions, you may find that your attorney is waiting for information from you to make a recommendation on whether you can even file a bankruptcy at all.
Know Your Income
Most of the time, as an employee, knowing your income is simple: you get a pay stub every payday that shows your earnings. However, if you are a business owner, you may have to produce a "profit and loss statement" to show your income. This may involve contacting your accountant ahead of time to get this document.
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Knowing your income will help determine whether you can file a Chapter 7 (is your income above or below median?) or whether you must file a Chapter 13 (what will your payment be or whether you can even afford a plan?).
Have An Idea of the Amount of Your Debt
You don't need to bring in every creditor bill or collection letter, but you should know the approximate amount of debt that you owe. This allows your lawyer to see if filing is even worth your while, or it could prompt your lawyer to recommend filing as soon as possible (if your wages are being garnished, or your home may foreclose soon).
Know What Your Assets Are
Having equity in your home, stocks and bonds, retirement funds and savings accounts are all assets that you should account for. Knowing the value of your assets will help your lawyer protect them in your bankruptcy.
Do You Owe Taxes?
If so, how much? What filing years do you owe? Have you filed your taxes in the past 2 years?
Are You Behind in Your Payments?
If you are behind in your mortgage or auto payments, your bank may start foreclosure proceedings, or repossess your automobile. Your lawyer will need to know how far behind in your payments you are and whether your bank has begun the foreclosure process. Is there a Foreclosure Sale date?
What It Boils Down To
You don't intentionally waste you time, but you can neglect to prepare for your appointment and in the end waste your time and your attorney's. So, plan and get the most out of your time with your attorney.
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