Planning For A Personal Bankruptcy

Planning For A Personal Bankruptcy

Make The Process As Efficient As Possible

If you have considered other possibilities and weighed the benefits and drawbacks of personal bankruptcy and decided to file, you can plan ahead to make the process proceed efficiently. Before you actually file, you should consult with an attorney. Weintraub & Selth, APC, is a debt relief law firm in Los Angeles that assists businesses and individuals through bankruptcy or helps them identify alternatives.

To discuss your options, including bankruptcy, call us at or toll-free at , you can also contact us online.

Before you file, you should consider the types of bankruptcy that are available to you. You should also consider which assets or property you are committed to keeping and which might be subject to liquidation. When you speak with us about your situation and your goals, we will advise you on what steps give you the best chance of keeping your assets and property. Bankruptcy does not necessarily mean you will lose your property. In fact, in many cases, bankruptcy is the best way to save your assets and property.

What To Bring To A Meeting With A Lawyer

Before you meet with us, or any bankruptcy lawyer, you should be prepared to tell us certain facts about your financial situation and show us documentation that indicates the financial challenges you are facing. Some of these documents may include:

  • A list of your property and assets, if any
  • A list of your creditors and what is owed to each
  • A list of your monthly expenses
  • Bank statements
  • Mortgage statements or rental agreements
  • Pay stubs
  • Tax information

These are just a few examples of the type of information we will need to analyze your circumstances. The above list is not exhaustive. Additionally, if you have inherited money, have stocks and/or bonds, a retirement account, spousal support and other sources of income or savings, be prepared to discuss these with us and bring appropriate documentation. You are required to disclose all of your debt, liabilities, assets, income and investments. If you do not, you can be accused of bankruptcy fraud. You are better off erring on the side of caution and disclosing everything. By doing so, your attorney can assist you in the best possible way and protect you from financial penalties and potential criminal investigation for bankruptcy fraud.

Of course, in an initial phone consultation, we will ask you to bring certain documents to an in-person meeting, but if you have any questions about what to bring to this meeting, you are more than welcome to call us.

Keep in mind that when you file for bankruptcy relief, you will be required to attend credit counseling courses before you file and after. Also, depending on the chapter of the bankruptcy code under which you file, the bankruptcy process can be over in a few months or last up to five years.

Reach out to a bankruptcy lawyer for more information on how to prepare for a personal bankruptcy.