It’s always a good idea to call a bankruptcy attorney when you’re considering bankruptcy. However, it’s helpful to have some documents on hand. If you can’t get the following documents before you call a bankruptcy attorney, at least get them before you attend a free consultation.
It’s a good idea to have your most recent paycheck on hand. To qualify for chapter 7 bankruptcy your income must be below a certain threshold. Having a paycheck on hand will help you give the attorney accurate information as to your income.
If you don’t have a paycheck handy, knowing your gross income from last year may help. If your income if stable year-after-year a tax return is a great substitute for a recent paycheck.
If you own a home, it’s important that you tell the bankruptcy attorney how much you owe on your mortgage. With that information, the attorney can estimate your equity and determine whether your home can be protected in chapter 7 bankruptcy. After all, if you have too much equity in your home it could be sold in chapter 7 bankruptcy.
A credit report will help you have a ballpark understanding of your total credit card debt and other collection accounts. There could be large accounts you forgot about, like past repossessions or medical bills sold to debt buyers.