What Does Your Bankruptcy Attorney Need To Know About Your Finances?
When you are considering filing for bankruptcy, it is important to remember that your bankruptcy attorney will need to know about your financial situation. In order to help you get the best possible outcome in your case, they need to have all of the facts. This blog post will outline some of the most important information that your attorney will need from you.
A Complete List of Your Income and Expenses
The first thing your bankruptcy attorney will need to know is your income and expenses. They will need to know how much money you make each month, as well as how much money you spend on bills and other expenses. This information will help them determine what type of bankruptcy case would be best for you.
Bring with you:
- Your W2s and 1099s
- Your prior-year tax returns
- Your spouse's information
Your Assets and Your Debts
Your bankruptcy attorney will also need to know about your assets. They will need to know the value of all of your assets, as well as any debts that you may have. This information will help them determine if you are eligible for bankruptcy and what type of bankruptcy case would be best for you.
Bring with you:
- Your bank statements and credit card statements
- Your spouse's bank statements and credit card statements
- Information about houses, cars, etc that you own
Your Credit History
Finally, your attorney will need to know about your credit history. They will need to know how many creditors you have, as well as the amount of debt that you owe. This information will help them determine if you are a good candidate for bankruptcy and which chapter of bankruptcy would be best for you.
Bring with you:
- Your recent credit report from all three bureaus
- Any credit documentation you've had
- Any deals you have with creditors currently
What Doesn't Your Bankruptcy Attorney Need to Know?
Your bankruptcy attorney does not need to know about your personal life. They do not need to know about your relationships, your health, or any other personal information. But what they do need to know about is any large sums of money you've given family or friends.
It's better to err on the side of caution when preparing for bankruptcy. Bring all the documents that you would bring to an accountant to the meeting. Never try to hide anything during the bankruptcy proceedings. For the most part, your most treasured possessions should be protected regardless. But hiding anything during the process could lengthen it substantially.
Contact a local bankruptcy lawyer to get more details.