What To Bring To Bankruptcy Consultation? (8 Important Things)
Filing for bankruptcy isn’t something anyone plans for, but when it’s time, it’s time.
Meeting with a bankruptcy attorney can be a huge relief. But to get the most out of that first consultation, you’ve got to bring the right documents.
Don’t worry, you don’t need to show up with a briefcase and color-coded folders (unless that’s your thing)!
In this post, we’ll breakdown what to bring to bankruptcy consultations.
#1 Personal Identification
Okay, first thing’s first: you need to prove who you are.
Bring a government-issued photo ID, like your driver’s license or state ID.
You’ll also need your Social Security number. A Social Security card is best, but if you don’t have it, a W-2 or some other official document that shows your full SSN can work.
It’s not just a formality, they’ll use this to pull your credit report and file things correctly if you decide to move forward.
Also Read: How Does Bankruptcy Affect My Credit Score?
#2 Income Information
Your income is a big deal in a bankruptcy case. It helps the lawyer figure out what type of bankruptcy you might qualify for, and it gives them a clear picture of your financial situation.
Gather pay stubs for the last few months or any other proof of income you have. If you’re self-employed, tax returns work, too.
Anything that shows how much you’re earning will be super helpful.
This also includes any alimony, child support, or government benefits you might be receiving.
You might think it’s small, but every little bit helps paint a full picture of your financial situation.
#3 Asset Information
Assets are things you own that have value.
Start with your bank accounts. Bring statements from the past few months – checking, savings, credit unions, online banks – whatever you use. Then move on to bigger-ticket items like your house or car.
Got a car title? Bring it. A mortgage statement or deed to your house? Bring that too.
Also, if you have any retirement accounts, like a 401(k) or IRA, bring the latest statements. Same with stocks, bonds, or any investments.
And don’t forget about stuff like boats, motorcycles, expensive jewellery collections, tools or even equipment you use for work.
Basically, bring anything that proves what you own and how much it’s worth.
Also Read: Can I File For Bankruptcy While A Civil Lawsuit Is Filed?
#4 Debt Information
This is the big one. Most people thinking about bankruptcy have debt coming from all directions. So gather up as much info as you can.
Bring copies of:
- Credit card statements
- Medical bills
- Personal loan info
- Payday loan documents
- Collection notices
- Letters from creditors
If someone has sued you or is threatening to, bring those papers too. Same for anything that shows you’re behind on your mortgage or car payments.
All of it helps paint a clear picture for your attorney.
And if you’ve pulled your credit report recently, bring that along. If you haven’t, no stress, your attorney can usually get it during the consultation. But it never hurts to have it.
#5 List Of Monthly Expenses
You’ve got your income and debts, but there’s one more thing your lawyer will need: your expenses. This helps them understand your monthly budget.
You probably already have a rough idea of what you’re spending each month – rent, utilities, groceries, insurance, car payments, etc. But if you’ve never actually written it down, now’s the time to do that.
Some lawyers might even give you a worksheet to help you list out your monthly expenses.
If you’re someone who tracks everything, awesome. If not, don’t stress – you don’t need to get every number perfect. Just try to make it realistic.
Having everything written down will make your consultation much easier.
Also Read: Who Pays for Bankruptcies in Michigan?
#6 Legal Documents
If there’s legal stuff going on, bring the papers to bankruptcy consultation too.
This includes lawsuits, wage garnishments, eviction notices, foreclosure letters, repossession threats or anything like that.
Also bring divorce decrees or child support orders if they apply to you. If you’re paying or receiving support, it affects your finances and your case.
These documents help your attorney see what’s urgent, what’s pending, and what can be handled through bankruptcy. The sooner they know, the sooner they can help.
#7 Questions And Notes
You might be feeling overwhelmed, which is completely normal. That’s why it’s smart to jot down a list of questions before your consultation.
Anything you’ve been wondering about, just write it down.
Some good starters:
- How long does bankruptcy take?
- Will I lose my car or house?
- What’s the difference between Chapter 7 and Chapter 13?
- What happens to my credit?
- How much does it cost?
You don’t have to know how to ask the “right” questions. Just say what’s on your mind. Your attorney has probably heard it all before and will be glad you brought it up.
Also, write down anything you think might be important. Did you just switch jobs? Are you expecting a tax refund? Did you co-sign a loan for someone else?
Make a quick note. These little details help your lawyer help you.
#8 Other Helpful Items
There are a few extra things that aren’t required but can definitely help.
If you’ve filed for bankruptcy before, bring the paperwork from that case. The attorney will want to know what happened and when.
If you’ve got any paperwork about property you’ve sold or transferred in the past couple years, bring that too. And if anyone owes you money or if you’re part of a lawsuit where you might get a payout, make a note of that as well.
Also, if you’ve been working with a debt settlement company, bring any contracts or communications you’ve had with them.
That stuff can impact your case, and your attorney will need to know.
Bottom Line
Walking into a bankruptcy consultation can feel a little nerve-wracking, but bringing the right info takes a lot of the pressure off. Your attorney doesn’t expect perfection, they just need a clear snapshot of where you’re at financially.
Bring what you can, ask questions, and don’t stress about having everything perfectly organized. The goal is to get answers and move forward.
And hey – just showing up is already a big move in the right direction!