Filing for bankruptcy can help you get the fresh financial start you need when you’re unable to pay your debts and can’t see another way to get your finances back on track. And for many people, making the call to an experienced South Carolina bankruptcy attorney can be the hardest part of the process.
Making that call can feel like accepting defeat, but in reality, you’re taking the first step toward improving your life. Once you schedule the consultation, things can feel like they move faster than you anticipated. Here’s what you need to do to prepare for that consultation so the process can go as smoothly as possible.
Get Your Documents Together
You’ll want to give your attorney the clearest understanding of your finances before you actually file for bankruptcy. This means you’ll need to compile key financial information and plan to bring it with you to your consultation. Here are a few documents you’ll want to bring with you:
- A clear list of your current assets with values from Kelly Blue Book for your vehicles (Private party value).
- A clear understanding of your gross combined income for your household
- A list of all your transfers in the last 6 years
You may need to bring additional documentation to your next appointment. Your South Carolina bankruptcy attorney will tell you what information is needed to move forward.
Draw up a List of Questions for Your South Carolina Bankruptcy Attorney
Before your consultation, try to draw up a list of questions you may have for your attorney. There’s no such thing as a stupid question. If you’re confused about what to expect, aren’t sure about the options you have, or don’t know how bankruptcy will impact your situation in the long run, don’t hesitate to ask.
By preparing a list of questions ahead of time, you’ll reduce the risk of forgetting to ask those questions during the meeting. This can help you stay more informed and make the best choice for your situation.
Be Prepared to Be Honest
Going through bankruptcy can make you feel vulnerable. This is completely normal. But don’t let those feelings of vulnerability keep you from being honest with your attorney. Remember, your bankruptcy attorney needs to fully understand your situation to represent you well and to help you make the right choice for your finances.
Answer their questions honestly and to the best of your ability. If you don’t know the answer to something, say so. Don’t make an answer up. If they ask about your debt or your spending, be honest. They’ve seen it all before and won’t judge you if you got into debt by shopping more than you should.
Read About Your Options
Before your consultation, it can be helpful to read up on your bankruptcy options. For individuals, there are two main types of bankruptcy that you’ll want to consider. Here’s a quick overview:
- Chapter 7: Under Chapter 7 bankruptcy, you can eliminate most of your debt and get a clean financial start. However, you’ll lose the non-exempt assets you’ve worked hard to acquire.
- Chapter 13: Under Chapter 13 bankruptcy, you’ll enter into a repayment plan with your creditors to pay off what you owe over time. You may be able to keep many of your assets under this form of bankruptcy, but it won’t eliminate your debt.
Schedule Your Consultation Today
If you’re considering filing for bankruptcy, don’t wait. Contact Lam Law Firm today to schedule a free consultation and get the advice you need to make the best choice for your financial situation.
