Bankruptcy Questions Answered: How Do I Prepare For A Bankruptcy Consultation?

Has the economy and cost of living paired with increased debt made your financial situation seem hopeless? Or maybe mounting medical bills have left you buried. That’s why the bankruptcy provision was developed–to help everyday people and companies who are struggling. Both chapter 7 and chapter 13 bankruptcy are designed to help individuals repay creditors and regain financial stability. This isn’t a cop out, it’s a legitimate way to settle matters and start fresh. Whatever life circumstances put you here, your friends at Hausen Law can help you find your way out. Here’s what you need to know before your initial bankruptcy consultation.

Prior To Meeting With Your Bankruptcy Attorney

Before your first bankruptcy consultation, you’ll want to find and gather up all relevant financial documents that your Ohio bankruptcy lawyer will need to best advise you, but you don’t need to bring them along to the appointment. When you work with Hausen Law we make things easy for you. We’ll send you an email with attached forms that you can fill out at your leisure and then send back to us upon completion. Having this information ahead of time will allow us to better prepare and find the best way to make filing for bankruptcy in Ohio work for you.

That said, you may be wondering what sorts of documents you’ll need to have on hand to be able to complete our intake forms. There are some obvious documents that might spring to mind, but here is a comprehensive list of just about everything that it would be helpful to have available:

• proof of identity (driver’s license, social security card, etc.)
• pay stubs (and any other income documentation) from the past six months
• six months of bank account and retirement account statements
• tax returns from the past two filings
• credit card statements from the past six months
• loan statements (mortgage, car, student, etc.)
• medical bills
• any other debts
• documentation of your current personal property and its value (i.e. real estate, vehicles, other personal property, digital investments)
• list of monthly living expenses (i.e. rent/mortgage, utilities, food, clothing, transportation)
• paperwork related to foreclosure
• demand letters from creditors
• divorce paperwork and support orders (if applicable)

Going through all of these documents will help you to fully understand your true financial situation, including your income, debt, and assets. Be ready to discuss your various income streams, if applicable, and explain your monthly expenses and how debt is affecting your financial situation. Remember, too, that any and all personal property and its value needs to be disclosed to your bankruptcy attorney. This could include things like:

• Cash amounts
• Bank accounts
• Pension
• Household goods
• Deposits with utility companies, landlords, banks, etc.
• Collectibles
• Vehicles, trailers, ATVs, boats, etc.
• Mobile homes, campers, etc.
• Firearms, sporting equipment, etc.
• Interest in insurance policies
• Stocks, business interests, government or corporate bonds
• Money owed to you (i.e. tax refunds)
• Alimony, support or property settlements

Depending on your specific circumstances, your bankruptcy attorney may require additional financial or personal information from you. Once your Ohio bankruptcy lawyer has all the relevant information in hand, they can then start to piece together the best bankruptcy approach for you.

What To Keep In Mind

Foremost, and above all else, it is vitally important that you are open and honest with your bankruptcy attorney. Do not hold anything relevant back. Accurate and complete information will enable your bankruptcy attorney to make your chapter 7 or chapter 13 bankruptcy as smooth a process as is possible. So in addition to factual information about your debt amounts, your bankruptcy attorney will also want to know the status of those debts (e.g. delinquent, in default, in collections) and whether you have joint debt, co-signers, or authorized users on accounts.

Remember too that your initial meeting with an Ohio bankruptcy lawyer is your chance to see if you’ll work well together. Sometimes it doesn’t work out, and that’s ok. Go to your first meeting prepared to answer an array of personal questions and allow enough time for the bankruptcy attorney to get a feel for your situation. 

Questions To Ask

When you meet with an Ohio bankruptcy lawyer you can expect to answer plenty of questions, but it can also be a good idea to ask them your own questions. Bankruptcy is a serious step and it’s worth getting to know all you can, right off the bat. Your questions could be in regards to which type of bankruptcy you are eligible to file–chapter 7 or chapter 13 bankruptcy–along with inquiries about cost. 

You might also ask whether you can keep your home or car and which kinds of debt will be discharged. Finally you may want to get a ballpark timeline if possible. All that said, each bankruptcy case is unique, and so answers will depend on your bankruptcy attorney getting to know the details of your case, which can take a little time. But feel free to ask about the bankruptcy process itself, what’s required of you, and what any terminology or requirements may mean. 

Ask, too, about potential consequences of filing for bankruptcy in Ohio, along with options for credit counseling and credit repair courses. It’s good to understand the ins and outs of your case, and a bankruptcy attorney who really wants to help you recover financially should have no problem answering your questions. Bring a way to take notes during your meeting and keep in touch with your bankruptcy attorney if any new questions arise. At Hausen Law we make it easy for our clients–we offer meetings in person, by telephone or via video conference.

What To Expect From The Bankruptcy Attorney

As mentioned, you should expect to answer an array of questions about your personal situation–if you don’t feel that the bankruptcy attorney is gathering enough information to understand your case, that could be a cause for concern. That said, your initial meeting could be rather short, roughly 40 to 60 minutes, depending on whether or not your bankruptcy attorney has further questions for you. Regardless, you should expect to be treated professionally and courteously, and to be able to sense that your Ohio bankruptcy lawyer is actively listening and eager to help. They should be open to explaining their process and fee structure, and should instill confidence in their ability to get you the best outcome possible.

It can feel overwhelming to gather and present all of your personal information to a stranger, but a professional bankruptcy attorney should be able to make you feel at ease while also giving you an honest assessment of your options. At Hausen Law we aim to guide you successfully through the bankruptcy process while keeping you informed along the way. 

Partner With a Local Ohio Bankruptcy Lawyer

When life circumstances bring you to a crossroads, and bankruptcy is the only viable way forward, it’s good to know that you have a compassionate expert on your side. Regardless of what your journey entails, know that you’ll always have an advocate in your friends at Hausen Law. Whether it’s what you need to prepare for your initial consultation or the things you’ll want to avoid when filing for bankruptcy in Ohio, we’ve got you covered.

If you need advice and answers to your burning bankruptcy questions, get in touch with our trusted chapter 7 bankruptcy lawyers. James F. Hausen has used his well-honed skills to handle over 2,000 cases in his efforts to provide legal counsel to all of Northeast Ohio, including the Akron, Canton, Cleveland, Columbus, Dayton, Cincinnati and Youngstown communities. Contact us today to set up a free consultation and learn more about your bankruptcy options and to inquire about our credit counseling and credit repair programs.