Bankruptcy is not a simple matter with minor consequences. Rather, it may involve complex dealings with bankruptcy court and creditors. It could also have a major impact on your daily life. Filing for bankruptcy can affect your credit and property. Naturally, this is a stressful situation that you never envision yourself being in. The situation can be made easier by making the proper choices such as hiring a competent bankruptcy attorney and collecting and organizing your financial data.
When faced with credit problems and potential bankruptcy, hiring an attorney might be the answer to getting your financial life back on track. If you're planning to contact an attorney, use the checklist below to gather the documents that the attorney will need to see to provide you with the best advice and representation. Oftentimes, people do not know where to start and what to do. This checklist will be a useful proactive tool so you can begin collecting and organizing the proper paperwork.
Your financial records are some of the first documents you should collect. These records will help determine which type of bankruptcy is best suited for you. For example, your financial documents can show you have regular income, meaning your best fit may be Chapter 13 bankruptcy. This may have huge implications because Chapter 13 will allow you to keep possession of your property and pay your debts over time.
Any legal history or pending litigation involving you is information you'll want to disclose to your attorney. Previous judgments against you show debts that will factor in to determining which bankruptcy is right according to your financial situation. In addition, any pending litigation or current court order will determine how much you can afford to pay your creditors at this time.
The following list below is a combination of assets you own and verification of your income. A proper, thorough organization of your assets is extremely important to show you have a set income level. This income determination can be essential in proving you can repay your debts over a period of time or in proving a lack of income.