Top Things Your Bankruptcy Lawyer Will Need To Know About Your Financial Situation

If you're prepared to file bankruptcy, then you should know that you will need to be totally honest and open about your financial situation with your bankruptcy lawyer. These are a few examples of the different things that your bankruptcy lawyer will need to know about your financial situation. Be prepared to answer these questions and more when talking to your lawyer so that they will be properly prepared to assist you with your bankruptcy case.

How Much Money Do You Have in the Bank?

First of all, your bankruptcy lawyer will need to know how much money you have in all of your bank accounts, including your checking and savings accounts. In fact, you will need to provide bank statements from all of your bank accounts so that your lawyer can look over them.

How Much Money Do You Make?

Your lawyer will need to know how much money you make from your job or other income. This can help them determine which type of bankruptcy filing is right for you, how much you can afford to repay in your payment plan if you file Chapter 13 bankruptcy, and more. Bring along your paycheck stubs and tax returns so that your lawyer can get a good idea of how much your income is.

How Much Debt Do You Have?

Of course, the whole reason why you are probably planning on filing bankruptcy in the first place is probably because you have debt. Naturally, you are going to need to tally up your debt and let your lawyer know about it. Bring along all of the credit card statements, loan documents, and other documentation that you have that can give your lawyer a clear picture of just how serious your debt situation is.

What Type of Debt Do You Have?

Not only will your bankruptcy lawyer need to know about how much debt you have, but they will also need to know about the type of debt that you have. You should inform them of whether or not you have a mortgage and car loan, for example, and you should tell them about things like tax debts or student loans. After all, different types of debts are sometimes handled differently in bankruptcy, and your bankruptcy lawyer is going to need a list of your creditors for your bankruptcy filing anyway.

Do You Have Valuable Belongings?

You will need to list your belongings when filing bankruptcy, so be prepared to let your lawyer know about the types of household belongings that you have and their approximate value.

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