Posted on: 10 April 2017
The economy is getting to a better place lately; however, many Americans are having a hard time making ends meet and paying off their bills. Although fewer Americans are drowning in debt, there were still 800,000 bankruptcy cases filed in federal courts last year. If you're thinking of filing for bankruptcy as well, speaking to a bankruptcy attorney or trustee can be of great help. Bring documents and paperwork to your first meeting in order to get the ball rolling. Here are 3 commonly forgotten documents that have a profound impact on the bankruptcy chapter that will be most suited for applicants.
Promissory Notes You've Signed to Document that You Owe Family and Friends Money
If you've been drowning in debt for some time, there's a good chance that you owe family members and friends money. The debt that you owe them needs to be taken into account when calculating the amount of expenses you have versus the amount of income you earn. To prove that you owe a debt to family members and friends, bring along a promissory note that has been signed by all parties. It's best if the note was notarized.
Cancelled Checks for Expenses that Are Not Otherwise Documented
It can be difficult to account for all household expenses. There are many unexpected expenses that might arise. For example, the heating system in your home might fail and you might need to replace the boiler. To account for expenses that are otherwise undocumented, bring along cancelled checks to your meeting. You'd be surprised at how easily and quickly even small expenses can add up and smother you in debt.
Correspondences with Creditors, Especially the Threats
Your bankruptcy attorney will also take the time to consider the type of relationship that you have with your creditors. For the sake of your case, bring along any correspondences that you might have with your creditors. In particular, you want to bring along any threat letters you might have received.
There are many factors that need to be taken into account when filing for bankruptcy. To give you the best advice possible, the bankruptcy attorney will need a good picture of your financial position and situation, which is why the documents mentioned above are important and will come in handy. They can give a clearer picture of the financial hardship that you are experiencing and whether filing for bankruptcy may be the best option left on the plate.Share