Law Offices of Robert M. Kaplan, P.C.
Schaumburg Family Law Attorney

Your Bankruptcy Consultation: How to Prepare and What to Expect.

September 20, 2021
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Posted By: Robert Kaplan
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Filing bankruptcy can be stressful, which is why attorney Robert M. Kaplan is devoted to making sure you are informed and prepared for the bankruptcy process. Knowing what to expect during your bankruptcy consultation will help you to be better prepared. This will allow your attorney to better use your consultation time and help them create a complete picture of your finances. Will this information, we will have a better idea of your situation and how to help you.

What to Bring to a Bankruptcy Consultation

There are several documents you will want to bring with you to your bankruptcy consultation:

  •  It is crucial to have a complete list of all your debts, including how much they are and who owns them. 
  • You should also bring bills (both current and delinquent), a comprehensive list of assets, and the value of each. 
  • Proof of income such as pay stubs.
  • If you are married, it is also important to bring your spouse's information. 
  • Your state identification.
  • Annual tax returns.

Having all of these documents will give your lawyer a complete view of your situation and whether bankruptcy will be beneficial or which type would help the most.

During the Bankruptcy Consultation

When you come into our office for your consultation, you will meet with Robert M. Kaplan directly to go over your debts, assets, and options. First, he will review your documents and have you complete some extra paperwork. Then he will explain your options and provide advice on what will work best for your current situation and the long-term benefits of each option so you can make an informed decision on what will be best for you.

Keep in mind that consultations are just a meeting for the attorney to get familiar with your situation and an idea of how they can assist you. They will go over non-bankruptcy options, Chapter 7 and Chapter 13 bankruptcy, and what is required for each, and answer all your questions about the process. If you decide to go forward with filing bankruptcy, your attorney will more than likely need more information from you to move ahead with the bankruptcy process.

Excessive debt can do a lot of damage to your credit score, but for some, bankruptcy may be more helpful than harmful to their credit. Depending on your situation, many types of bankruptcies can help you get ahead of your debt and back on the road to recovery. At the Law Offices of Robert M. Kaplan, P.C., we can walk you through the bankruptcy process so you can get out from under years of debt.

Your Options

Chapter 7 – Chapter 7 bankruptcy is the best option for those with a lot of credit card, medical, or non-collateral debt. The state may seize some of your property may help pay off a portion of your debts. However, most of your belongings will be exempt, such as your clothes and furniture. If you have a lot of secured debt, such as car loans, this type of bankruptcy may not be ideal for you.
Chapter 13 – Chapter 13 bankruptcy will be beneficial to those with a lot of secured debt. This type of bankruptcy helps you consolidate some of your debts and allows you to create a payment plan that will help you catch up on your debts over a three to five-year period, which means it is required to have a stable income to qualify. After those three to five years, you may not be responsible for the remainder of your debts. Filing Chapter 13 bankruptcy will also help you avoid the seizing of your assets and foreclosure.

How Bankruptcy Can Help You

One of the significant pitfalls of bankruptcy is that it lowers your credit score. Yet, most people considering bankruptcy already have a lower than average score, so it can help them start with a clean slate. By eliminating most of your debts, your credit will begin to recover instead of continually dropping due to missed payments, delinquency, and having accounts in collection. People with higher credit scores will be more negatively impacted by bankruptcy since it will cause a more significant drop in their score than someone with an already low score.

Call Our Law Firm in Schaumburg

Trying to decide whether filing bankruptcy can help you or which type will work best for your situation can be overwhelming, especially when you are already in a stressful situation with constant calls from creditors. 

At the Law Offices of Robert M. Kaplan, we offer you a free consultation so you can make an informed decision about your finances without any obligations. If you are in the Schaumburg, IL area and would like to set up a free consultation, do not hesitate to contact our office today! We want to make sure you are comfortable before we move forward with filing the bankruptcy.

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