Robert C. Neeley, Jr.  

Bankruptcy Advice

 

There are several documents and related information that you can bring to your initial consultation that will help our attorneys determine your best options and streamline the whole process right from the start.

 

Pay Stubs and Income Information

Possibly one of the most fundamental pieces of the puzzle when determining your eligibility for bankruptcy is your income.  Congress has set levels of income based on where you live that serve as a threshold for determining if you qualify to file bankruptcy under Chapter 7.  

 

Providing us with your actual pay stubs as well as income information for all other forms of income (e.g., unemployment, side-jobs, Ebay sales, regular contributions from family members, etc.) for the 6 months prior to your initial consultation will allow our attorneys to determine your gross monthly income.

 

List of All Monthly Expenses/Budget

Even potential clients that earn more than the threshold amount determined by Congress could still qualify for Chapter 7 bankruptcy once reasonable monthly expenses and other debts are included.  That’s why we find it extremely beneficial for potential clients to write out a monthly budget listing, as accurately as possible, where their money is spent each month. This monthly expense budget should include expenses such as: food, utilities, rent or mortgage(s), charitable donations, medical expenses, transportation costs, alimony and child support, etc.

 

List of All Assets and Their Values

The main goal of filing bankruptcy is to obtain a discharge of all dischargeable debt and to start fresh with a clean financial position. In exchange for this, the Bankruptcy Trustee is granted the power to liquidate any non-exempt assets to pay your creditors a portion of what is owed to them. The term “non-exempt” here is key.  Congress offers the bankruptcy filer many exemptions that can be taken to protect some, if not all, of the filer’s assets.

 

Knowing the complete list of your assets and their approximate value will allow our attorneys the opportunity to evaluate your situation and instruct you as to what assets, if any, will remain unprotected and therefore within the Trustee’s power to liquidate.  Quite often, bankruptcy filers are able to retain all of their assets through a strategic use of their available exemptions.

 

List of All Creditors and Debts Owed

One of the requirements of a bankruptcy filer is to include a list of all creditors within your bankruptcy petition. This list should include anyone the you owe money to, even those that you intend to pay, those that you disagree you owe money to, and even those that may have forgotten about the money you owe them.

 

Providing a list of all outstanding debts is also very important because each creditor must be included in the bankruptcy filing.  Failure to include a creditor could result in that debt not being discharged. Commonly held debts include credit card debt, arrearage owed on mortgage payments, personal loans, car payments, medical debt, etc.

 

Coming prepared to your free initial consultation will ensure that you are provided with the most comprehensive information and legal advice from our attorneys before you even have to worry about paying. You can leave our office confident and fully-informed and ready to make an educated decision regarding whether filing for bankruptcy is the right move for you.