There are many reasons a person can find themselves in over their heads with debt. Making poor financial decisions or experiencing a job loss can be detrimental to a person’s finances. When debt begins mounting, a person needs to contact their creditors before action is taken. Creditors have the right to pursue a debtor by garnishing their wages or threatening legal action. When debt becomes more than a person can handle, it is wise for them to meet with a bankruptcy attorney in Arlington, TX.
What Should Be Brought to the Meeting?
There are several pieces of information that should be brought to the meeting with the bankruptcy attorney in Arlington, TX. The attorney needs to be made fully aware of their client’s financial issues so they can make a determination on which type of bankruptcy will be most helpful. It is important a person knows what documents to bring to the meeting.
* Tax return documents from previous two years
* Wage documents, such as paystubs
* Bank statements
* Retirement account information
* Mortgage and other loan documents
* Car registrations
* Proof of insurance
* Property valuation
* Profit and loss statements (for self-employed)
How Can an Attorney Help?
An attorney will help a person learn which type of bankruptcy will be best for them to file. There are two main types for individuals and they include chapter 13 and chapter 7. Chapter 13 is considered the wage earner’s bankruptcy. It allows a person to pay off their debts over three to five years and keep their home from going into foreclosure.
Chapter 7 is a type of bankruptcy that is settled fairly quickly. Individuals can settle their debt in as few as six weeks but may be required to surrender some of the assets they own so they can be liquidated to pay off the debt.
Those who are dealing with more debt than they can pay for should contact the Law Firm of David S. Kohm. Ask them to schedule your consultation appointment so you can get started on the process. They will help you determine if you are a good candidate for bankruptcy.
