My office is happy to provide a completely free consultation to discuss your debt issues. To best be prepared for this discussion, here is a list of things that you should have ready either in notes or document form.

Paystubs- I will need to review six months of pay stubs for you and your spouse (if you are married). Bankruptcy has a “means test” which looks back at all forms of income for the six months previous to filing. If you are above the threshold, you may be required to file a chapter 13 bankruptcy. If you receive non-work income, such as Social Security, you will want to have ready so that your exact income can be determined. Be prepared to show all income.

A summary of your debts- It is important to discuss all of your debts with your bankruptcy attorney. Your bankruptcy attorney will be able to tell you whether or not all (or any) of your debts are dischargeable in bankruptcy. It will be best to determine at least a rough idea of how much (and to whom) you owe money. Types of debt may include credit cards, medical bills, mortgages, taxes, alimony or child support, leases, car payments, and secured loans.

Any lawsuits or credit your actions taken against you- You should make sure that your bankruptcy attorney is aware of all actions taken against you by creditors. This may include lawsuits in the Court of Common Pleas or the magistrate court, or simply collection letters sent by creditors. This will be important for your attorney to know in case there are imminent response dates. Also, your attorney will need to list these lawsuits to make sure that they are stayed (or stopped) by the bankruptcy filing.

The value of your important assets- All assets must be disclosed in bankruptcy. Your bankruptcy attorney will be able to exempt these assets from your creditors in most cases. It will be important to discuss the value of your assets because the exemptions are not unlimited. For instance, there is an exemption for your home. You will need to be prepared to tell your bankruptcy attorney how much equity you have in your home. Equity is the value of the home minus what you owe. Therefore you should know these numbers when you meet with your bankruptcy attorney. It will also be important to know how much money you have in savings, a summary of your retirement accounts, and the year, make, and model of any vehicles you own.

A list of questions- While your bankruptcy attorney will need to get a lot of information from you, you should also get a lot of information from your bankruptcy attorney. A good free consultation should answer any questions you have about the process. It’s a good idea to write these questions down and ask your bankruptcy attorney directly. Searches for information about bankruptcy on the Internet often provide information that is either inaccurate or not relevant to the individual. It’s best to ask your bankruptcy attorney before hiring him or her.

Feel free to contact us directly to set up a free consultation. I will be happy to discuss all of this and more and to make sure bankruptcy is an option for you. You can reach us at 412-414-9366.