Unfortunately, not everyone who wants to file bankruptcy will be eligible to do so. Even if you can, there’s still the matter of going through your finances to determine which type of bankruptcy is the best option for you. Below, we go over the basics of what an attorney will look at when assessing whether or not you can file and if so, how they will decide what chapter to file under.
What To Bring To Your Bankruptcy Consultation
There are several important documents that you should bring with you to your initial bankruptcy consultation, including:
- Your bank statements. Bring at least three months worth of bank statements to show your attorney what you normally spend your money on and how much money is outgoing every month.
- Your W-2s. Your lawyer should also be able to compare your expenses to your income. Bring your W-2s or other proof of income to your initial consultation.
- Prior year tax returns. An attorney needs to know if you’re likely to receive a large tax return that can be used to help meet your financial obligations.
- Statements from any investment or retirement accounts you own. Some retirement or investment savings may be eligible to be applied to your debts. Bring statements for these accounts too, so your attorney can decide if they can be liquidated.
- Records of your mortgage if your home is owned. A lawyer will also need to see how much money you pay towards your home loan if you bought the property you live on. They will take into account the total size of the loan, the value of the property, the interest rate, and other important factors.
- Records of any vehicles that you own. Your primary vehicle should be exempt from liquidation unless it’s very valuable and you could sell it to buy a cheaper car.
- Information about jewelry, furniture, and other heirloom-type assets that you own. Your should also bring a list of heirloom items, expensive furniture, jewelry, and other similar assets that aren’t likely to be considered exempt.
Get Qualified Bankruptcy Help In Dallas, TX Today
If you’re struggling to overcome debt without much success, Sims Bankruptcy Law, PLLC can help. Our experienced Texas bankruptcy attorneys can help you determine if filing is the right option for you. Call now for your consultation by dialing 469-751-7467 (Dallas-Fort Worth) or 254-304-7161 (Central Texas).