At Charles E. Covey Law Firm, we take time to understand your unique financial situation in order to determine what is the best strategy for you, which may include Chapter 7 or Chapter 13 bankruptcy. The more we understand about your financial circumstances, the better we can help.
When preparing for an appointment with a bankruptcy attorney, taking the time to gather your financial information will be helpful in determining the right strategy for you and your family. Providing pertinent details will help your attorney evaluate your eligibility for bankruptcy protection.
What to Expect at Your Initial Bankruptcy Consultation
Income Thresholds in Bankruptcy
Your bankruptcy attorney will ask you questions regarding your average monthly gross income from all sources dating back approximately 7 months.
At some point in the process, you will be asked to provide income tax returns for the last two years. If you do not have copies on hand, contact your tax preparer to see if they have your tax returns on file.
Household Expenses that are Considered in Bankruptcy
Providing an average of your monthly household expenses is helpful in determining your eligibility for bankruptcy. Include expenses such as mortgage or rent, utilities, telephone services, television, home maintenance, food, clothing, laundry and dry cleaning, medical and dental, transportation, insurance (home, car, health and life), property taxes, alimony, child support and any other monthly expenses you pay.
Debts you May be Able to Liquidate in Bankruptcy
Gather statements or provide details for all your debts including those for credit cards, medical bills, personal loans, auto loans, furniture loans, lawsuits and others. A bankruptcy attorney can provide you with information regarding what debts you may be able to eliminate as part of a bankruptcy plan and what debts will be excluded such as tax debt or student loans.
Include property documents for investment accounts such as IRAs 401Ks stocks and mutual funds. Your bankruptcy lawyer will provide you information regarding what property is protected under bankruptcy law versus property that may be used to satisfy your debt to creditors.
Other Documents Requested by Your Attorney
Compiling financial information can take time and sometimes you may not be sure if you have everything you need. Your attorney will help you determine what documents are necessary to complete your bankruptcy package.
Prepare Questions You May Have for Your Attorney
Typically, when clients start the process of gathering financial information before or after their initial appointment with their bankruptcy attorney, questions arise. Jot down any questions that you may want to ask the bankruptcy attorney during your initial appointment or subsequent meetings.
Contact an Experinced Peoria Bankruptcy Attorney
If you are considering bankruptcy protection and would like more information, contact the Law Offices of Chaarles E. Covey for help today.