What Your Bankruptcy Lawyer Should Know First…and Fast

If you have made up your mind about bankruptcy then there is no more turning back. You have to commit to this path wholeheartedly. Success in filing for a bankruptcy means the difference between a fresh start or sinking even deeper into debt through re-filing due to false or obsolete information, even new expenses you have to pay to settle a fraud case.

What are the things your bankruptcy lawyer has to know?

 

Your real reason for filing bankruptcy – We all know the main objective of your filing bankruptcy is to get out of debt and have a fresh new start. But being specific about what you want will help your lawyer decided what type of bankruptcy to file for, not to mention how to go about it.

 

The circumstances leading to bankruptcy differ with each individual, the more your lawyer understands your case the more he or she can be able to help you.

 

All your assets and liabilities – In your list you may be tempted to hold out information about what you have or what you owe. You should trust your lawyer with this information, otherwise why get a lawyer? Better your lawyer find out about what you have and what you owe from you, and not from the bankruptcy trustee.

 

If you have sold or given away any property in the past few years – This is standard question that will be asked during the creditors meeting. It’s better your lawyer hear the answer first.

 

Your monthly expenses and other expenditures – Another standard question that will be asked during the creditors meeting and one that your lawyer should know the answer to first.

 

Changes/improvements in your status – If there is any change or improvement in your finances between the time you met your lawyer and before the creditor’s meeting, he or she has to know. Again, better your lawyer find out from you than only learning about it during the meeting.

 

Any change in your finances might also drastically alter your strategy in filing for a bankruptcy.

 

What to ask your lawyer

 

There are also questions you should ask your lawyer, just to clarify some things.

 

Whether or not you should file for bankruptcy - If you want to get rid of cold feet once and for all then let this be your first question. This goes without saying it helps to apprise your lawyer of your current situation.

 

What the pros and cons of filing for bankruptcy are – This obviously cannot be answered completely here, but your lawyer will be sure to fill you in on both the pros and cons.

 

Remember that filing for bankruptcy will have its consequences and repercussions; if your lawyer is a good one he or she will be able to explain them further for you.

 

What information is needed to get started – Once your mind is truly made up, it’s time to take the plunge, ask your lawyer what you need to get the ball rolling. For sure you will need lots of documents and you will have to spend time getting more documents, attending hearings and other such activities. Remember: Consequences and repercussions.