If you cannot seem to get ahead of your debt and the payments are killing you, then it's time to contact a bankruptcy attorney. They will likely want to meet with you in person in order to discuss your situation and assess whether bankruptcy is a reasonable option for resolving your debts. This first appointment will set the tone for how you move forward, and if you want to get the most out of this first meeting, it is important that you prepare for the questions your attorney is likely to ask. Here's a look at some of those most likely questions.
What is your income?
For some people, this is a straightforward answer; maybe you earn a certain salary at a single job. For other people, the answer is more complex. You might have a fluctuating income, several jobs, or unpredictable income from a business. Do your best to total up and calculate your annual and monthly income so you can give your attorney the most accurate information possible.
What debts do you have?
It's important to know not only how much total debt you have, but what kind of debt you have. Make a list of the amounts you owe.
List all of your debts, even if they are debts you have heard cannot be discharged in bankruptcy, such as student loans. Even if not all of your debts can be discharged, your lawyer needs to know about those debts in order to calculate your debt-to-income ratio and assess how much you're able to pay.
Are you facing eviction or foreclosure?
Your lawyer needs to know whether you are in immediate danger of losing your home. Declaring bankruptcy can put an end to foreclosure efforts or eviction notices, and if you are at risk for losing your housing soon, this will tell your lawyer they need to act faster. If your mortgage or rent payments are up-to-date, on the other hand, you may be able to take your time a little more in declaring bankruptcy. Bring documentation of your lease or mortgage and of any payments or late notices.
What are your assets worth?
When declaring bankruptcy, you often need to sell or consolidate some of your assets, such as vehicles and other large items. Bring a list of your major assets and their worth to your lawyer's office.
If you think about your answers to these questions prior to your first appointment with a bankruptcy attorney, you'll be better prepared for whatever happens in that meeting. Contact an attorney like James S Price Bankruptcy Attorney for more information.