Are you preparing to file for personal bankruptcy, and planning to meet with a bankruptcy attorney to get the process started? If so, you are going to need to have the following information ready for your meeting.
A List Of Your Debts
It is important to have a complete list of all potential debts that you want to discharge in the bankruptcy. A common mistake that people make when going to a meeting with a lawyer is that they assume that some debts can't be discharged and don't discuss them. You'll want to let your lawyer know of every debt you have, and let them make the call about if it can be included in a bankruptcy petition. If you do not include the debt in the petition, then you can't have it discharged after your case is finalized.
In addition, you'll want to separate debts by those that are secured and those that are not secured. A secured debt has some sort of property attached to it with a lien, and if you do not pay the loan then you can lose the item. Unsecured debt are those debts that are not secured to a direct item, such as credit card debt.
A List Of Income
You'll want a list of all income that you receive each year. While this may be easy if you are a salary employee, it can be much harder if you have irregular income. This includes an hourly job without stable hours, gig work where you set your own hours, and other unpredictable sources of income. If you are filing bankruptcy with your spouse, you'll need a list of all their income as well. Previous tax returns may not cut it in situations where you have irregular income, so talk to your attorney about what documentation you should provide.
A List of Regular Monthly Expenses
Your lawyer is also going to want to know what your regular monthly expenses are. This does not mean keeping track of your daily cup of coffee, but the things that are necessary expenses that are trackable through some sort of bill payment tracking. This could include receipts, checks, and digital payments.
You should also think about the bill that you pay once a year so that you can determine how the cost averages across each month. This includes your property taxes, home insurance, auto insurance, and other large expenses. If it's an ongoing obligation, you should make note of it.
For more information, speak with a bankruptcy attorney.