In today’s uncertain economic climate, more people are finding themselves owing more money than they have coming into their respective households. Outsourcing, underemployment, unemployment, increasing consumer prices, and rising interest rates have all contributed to people being heavily in debt. When this happens, a person can talk to an attorney to see whether he or she qualifies for bankruptcy in Hamilton, OH. The following guidelines can help an individual prepare for an initial meeting with a bankruptcy lawyer.
Prior to seeing an attorney for bankruptcy in Hamilton, OH, a person should learn the basics of bankruptcy. Bankruptcy is a legal status that is approved by a federal bankruptcy judge. It enables a person to discharge some assets or reduce the amount owed according to the type of bankruptcy filed. The two main types of bankruptcy people file are chapter 7 and chapter 11.
Before seeing a bankruptcy attorney, a person should have his financial documents organized so a lawyer can review them concisely. These documents should be organized into a few folders that are labeled. An attorney will need to see such documents as a person’s tax returns for the last two years. A person will also need to bring the last six months’ bank statements and the last six months’ pay stubs. A lawyer will need information about all income a person has received for the last three years as well as expenditures for the last three years.
A person will also need to fill out all client forms prior to an initial consultation. Some questions may seem personal in nature. However, the lawyer is trying to find out how a person got into financial debt. Also, a lawyer will be trying to build a case to present in federal bankruptcy court. A person should compile a list of questions to ask the lawyer. It’s helpful to have another person come to the visit to take notes.
Filing for bankruptcy is not shameful. In fact, it can put a person on the road to financial recovery. This recovery starts by being prepared for an initial visit. For more information on bankruptcy, talk to a professional at Dean Snyder Attorney at Law. This practice can handle many types of bankruptcy and help clients get a new start in life.