Filing for bankruptcy is a common step to take when you are having difficulty keeping up with payments. It allows for a full evaluation of assets and determines the best approach to satisfying creditors. However, for those who have never undergone the process, preparing for the initial consultation may seem slightly overwhelming. Put your mind at ease by considering the following and securing the necessary documents.

3 Tips to Prepare for Bankruptcy Consultation

1. Anticipate Questions

Lawyers will ask a series of questions to ensure that they fully understand the case. This supplies the information they need to determine which type of bankruptcy you might want to pursue. One of the first aspects they will cover is what caused you to set up the consultation.

If there are other underlying issues other than falling behind on payments, such as wage garnishment or home foreclosure, they should be made aware to ensure the best possible outcome.

2. Gather Documents

Documentation is the key to filing for bankruptcy. It reveals the current condition of your finances as well as the exact moment where it started to fall apart.

Basic items to secure include tax returns from the last two years, pay stubs, bank statements, and income from social security, disability, and rental properties. Gathering these before your initial consultation will give the lawyer a clear picture of what is going on and how they can help.

3. Prepare Questions

Knowing what to ask during the initial consultation could ensure a better understanding of the process. Start with the bankruptcy options that are available to you.

Once the lawyer explains the main differences, you can then move on to asking about the possibility of losing property or managing monthly payments. The answers could aid in making decisions and prevent a future recurrence.

If you are considering filing for bankruptcy, reach out to LaRowe Gerlach Taggart LLP of Reedsburg, WI. These attorneys have been supplying quality counsel to clients throughout southern Wisconsin for more than 35 years. Their family lawyers are well-versed in the various aspects of the law and will track down the facts to ensure the best outcome for your case. For additional information on their services, visit their website. Call (608) 524-8231 to schedule a consultation.