What To Discuss With A Bankruptcy Lawyer Before Making A Decision

Making the decision to file is not something to do without a bankruptcy lawyer

. This is a major financial decision that will affect you for as long as ten years. Additionally, you will find yourself struggling to obtain new loans during the first months after going through this process. Yet, for many people, this decision is the best possible one to make for their long-term needs. The good news is that you can go through this decision-making process with a professional by your side. He or she can help you to make the right choice based on your individual needs.

What Goes Into This Process?

There are many things to think about when talking to a bankruptcy lawyer. You should ask every question you have. This professional is bound by law to keep anything you tell him or her private. This information is not going to work against you, but it will help the attorney advise you as you proceed through the process. Be open and upfront about your situation, your goals and your needs. Most people who walk in the door do not have any idea how they are going to pay their bills or if this is a good solution for them. By the time they leave, they know.

It is up to you to ensure that you are asking all questions necessary and gathering the data you need. There are some things to discuss no matter what.

- Determine the type of bankruptcy for which you qualify, including what you can expect when you file. Do you need to file Chapter 13 and repay some or all of your debt over the next three to five years? Can you qualify for Chapter 7 that allows you to discharge the debt right away without any repayment?

- What types of debt do you have? Are they dischargeable?

- What is the timescale for filing? This includes the length of time the attorney needs to prepare the case and the amount of time it takes for the court to process it.

- Will you lose any assets through this process? What is and is not protected?

- Will you need to show income and expenses related to your business ownership?

- Are there concerns with tax debt, back child support or delinquent mortgage payments? What can be done about these issues?

The more information you have heading into making this decision, the more likely you will be to make the best decision for your needs. Your bankruptcy lawyer will work with you through this process to ensure you are fully aware of what steps you need to take to get through the process. Do not suffer with financial hardship when you do not have to do so.

by: Anders Abadie

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