Legally reviewed by Allen A. Kolber, Esq. - The Law Offices of Allen A. Kolber, Esq., P.C.
If your bank account has been frozen, your personal wages are being garnished, or you are no longer capable of paying off your credit card or medical bills, you are most likely more than ready for financial relief. Thankfully, for many, filing for bankruptcy is just that. However, though bankruptcy can be the “light at the end of the tunnel,” it is, rather obviously, more complicated than waving a wand and having your debts disappear. Filing for bankruptcy is an in-depth and document-heavy process, which is why you must consult with an experienced bankruptcy attorney about your legal options going forward. A good place to start, however, is being prepared for your meeting. Here are some basic questions you may have regarding bankruptcy prep:
How Can Bankruptcy Help Me?
Many people who file for bankruptcy seek refuge from creditors conducting seemingly endless collection activities. Bankruptcy can provide people with a financial fresh start by discharging a considerable portion of their debt. Most filers are able to keep their home, vehicle, and bank account, though what you can keep depends on the exemptions you can claim and how much equity is at stake.
Bankruptcy may discharge credit card debt, personal debt, medical bills, automobile repossessions, and more. If you believe bankruptcy is right for you, please read on to learn more about what you should bring to your bankruptcy consultation.
What Documents Will I Need to File for Bankruptcy?
For an attorney to effectively assess your financial situation, you must provide accurate, extensive accounts of your debts and assets. Remember, you can never give your attorney too much of your financial information; the more complete the picture, the better. You should bring the following to your bankruptcy consultation:
- Photo ID and Social Security card
- Proof of your last 7 months’ income: employer statements, pay stubs, Social Security letters, and more. (Scheduled payments such as pensions, child support, spousal support, and more should also be disclosed.)
- Income tax returns
- W2 forms
- Property tax statement
- Property appraisal
- Vehicle purchase agreement
- Proof of car insurance
- Copies of your bills and evidence of all your debts
- Credit reports
- Collection letters
- Checkbook register
- Documentation regarding debt settlement
- If you own a business, bring any business-related documents you may have
Documents That Lists Often Miss
The aforementioned list covers income and assets well, but is lighter on the account side. As such, you should include these if you have them:
- Bank statements for the previous six months, as that is the window the means test looks at
- Your current mortgage statement showing the balance and any arrears
- Your car loan or lease documents, not just the purchase agreement
- Statements for retirement and investment accounts
- Any life insurance policy with cash value
- Any lawsuit papers, judgments, or garnishments you have received
If you own a business, “business-related documents” specifically means a list of the assets, liabilities, current income, expenditures, executory contracts, and unexpired leases held by the business.
What Should I Ask at the Consultation?
Preparation runs both ways, and the meeting is typically more efficient if you arrive with your own questions written. It’s important to understand that nothing you ask will be treated as “stupid,” and what you disclose will remain confidential. Some common questions people ask include:
- Is there an option other than bankruptcy for my situation?
- Can I keep my house, my car, and other considerable assets?
- What chapter should I file, and why?
- How long does the process typically take?
- How much will this cost?
- How much are the filing fees?
- What, if anything, should I avoid between now and filing?
- What should I bring to our next meeting?
If you believe you are ready to file for bankruptcy, please do not delay reaching out to our firm, as time is of the essence. We are ready to help you every step of the way, starting with a consultation.
Contact Our Experienced New York Bankruptcy Firm
For many, filing for bankruptcy can be a frightening experience. However, with the assistance of an experienced bankruptcy attorney, it does not have to be. At the Law Offices of Allen A. Kolber, Esq., our dedicated legal team is ready to represent you during these difficult times. Contact us today to learn more about how we can assist you.
