Gather Essential Financial Documents
The best thing to do during your first bankruptcy meeting is to have your financial information in place. These are recent pay stubs or evidence of income, previous two years tax returns, bank statements over the last few months and record of all debts including credit card statements, medical bills, mortgages, car loans, and any collection notices. These organized get you seen by the attorney in the best way possible in a brief period of time.
Make a List of Assets and Liabilities
Make a comprehensive listing of what you own; real estate, cars and their values and loan amounts, retirement plans and valuable personal property. In the same manner, enlist all your liabilities with the names of your creditors, account numbers, balances and status of payment. This general overview enables your bankruptcy attorney to determine your qualification in various forms of bankruptcy, which debts or assets could be dischargeable or exempt.
Write Down Your Questions and Goals
Bankruptcy is so daunting and it is easy to forget critical issues in the meeting. List questions pertaining to costs, bankruptcy options (Chapter 7 vs. Chapter 13), how it affects your credit, time frame and any other details you wish to know. Furthermore, explain your objectives like do you want to retain your residence or automobile or clear certain debts. This is a preparation that will maximize on the consultation.
Understand Your Current Legal Situation
Prior to the consultation, collect details on any current legal proceedings including lawsuits, wage garnishments, foreclosures or repossession notices of your debts and property. Bring also such documents as any previous bankruptcy filing, divorce papers as far as money is concerned, and evidence of alimony or child support payments (where applicable). By talking to your attorney about these matters in advance, you can help him to give you the advice that is particular to your circumstances.
Be Honest and Complete in Your Disclosure
To give you the best advice, your attorney must know all and tell you everything about your financial situation. Disclose none of the debts, new transfers of property, or sources of income, though embarrassed. Leaves of omission may ruin your case or lead to legal difficulties in future. It is important to remember that the consultation is confidential and it is aimed at assisting you in locating a viable solution to your financial problems.
You can come into your initial bankruptcy meeting well-prepared by compiling comprehensive documentation, defining your questions and objectives, getting knowledge of your legal status, and giving full disclosure. This will make your attorney properly assess your options and steer you on the right track to financial recovery.