You're Ready to Call for Help... Now What?

Submitted by Jen Jones on Tue, 05/26/2009 - 1:45pm

You're Ready to Call for Help... Now What?

You're ready to seek professional help from a qualified bankruptcy attorney.. Now what? What should you do to prepare for your first meeting with your prospective attorney?

Step One: Quit Digging

You know the old saying about how to get out of a hole; the first step is to stop digging. Your decision to consider bankruptcy should not be accompanied by a last minute spending spree. If nothing else, this period can be a good time for you to practice a financially conservative mode of living.

Step Two: Document Your Debts

Call your prospective attorney and ask for a pre-interview questionnaire. If the attorney has any experience in bankruptcy law, he will provide a questionnaire containing numerous questions about your debts, income and assets. Answering the questionnaire will force you to take an honest inventory of all of your outstanding debts. There's nothing to be ashamed of or worried about in cataloging who you owe money to. Your attorney needs to know the extent of your debt in order to decide the best course of action.

Step Three: Document Your Income

Just as your detailed accounting of your debts is important, so is the amount of money you're bringing in. Also provide details about changes in your employment, such as a recent layoff or reduction in hours. This will help your attorney understand the big picture of your financial life, and how you can make the most out of bankruptcy.

Step Four: Document Your Assets

Make a list of everything you own which might be a potential source of income if sold. For example, list any large items such as your home, car or boat which you either own outright, or if you have a loan, list how much the payoff amount is. Then consider any other unusual property items which might be of value, such as antique collections, artwork, expensive tools, or livestock.

The purpose of listing your assets is not because they will be sold in the bankruptcy. In most cases, any assets you own are probably worth less than state exemption allowances, and so they will not be at risk in the bankruptcy. By informing your attorney of the full extent of your assets, you can be fully advised what might be at risk, as well as what steps can be taken to protect even non-exempt property.

Step Five: Get Ready to file

With the information detailed above, you're ready to move forward with your bankruptcy. Understand that you are not alone in the process. Your attorney will help guide you step by step so that you can make the most of your fresh start. Serving North Carolina residents, the Law Offices of John T. Orcutt has helped thousands of families get back on track. Call today to set up your free initial consultation. +1-919-646-2654

Debts Hurt! Got debt? Need help? Get started below!

Serving All of North Carolina

  • Fayetteville
  • Durham
  • Wilson
  • Greensboro
  • South Raleigh (Garner)
  • Southport
  • Wilmington

North Raleigh

6616 Six Forks Rd Suite 203 Raleigh, NC 27615 North Carolina

Tel: (919) 847-9750

North Raleigh

Fayetteville

2711 Breezewood Ave. Fayetteville, NC 28303 North Carolina

Tel: (910) 323-2972

Fayetteville

Durham

1738 Hillandale Road Suite D Durham, NC 27705 North Carolina

Tel: (919) 286-1695

Durham

Wilson

2215 Nash St. NW Wilson, NC 27896 North Carolina

Tel: (252) 234-9194

Wilson

Greensboro

600 Green Valley Road Suite 210 Greensboro, NC 27408 North Carolina

Tel: (336) 542-5993

Greensboro

South Raleigh (Garner)

143 Highway 70 Garner, NC 27529 North Carolina

Tel: (919) 747-4400

South Raleigh (Garner)

Southport

4320 Southport Supply Road SE STE 300 Southport, NC 28461 North Carolina

Tel: (910) 218-8682

Southport

Wilmington

4320 Southport Supply Road SE Suite 300 Southport, NC 28461 North Carolina

Tel: (910) 447-2987

Wilmington