Once you decide it is time to pursue bankruptcy, you want the experience to proceed smoothly and successfully. Contrary to popular belief, you play a critical role in how your bankruptcy unfolds.
One way to get off to a good start is by speaking with a legal representative about your circumstances. This allows you to ask questions and understand your options. Here are some tips for a productive consultation.
Know what to expect
Typically, the first meeting is spent assessing your financial situation. You should be prepared to answer questions about your debts, income, assets and expenses.
This Q&A helps determine if you are eligible to file and which type – Chapter 7 or Chapter 13 – suits your needs. Expect a detailed but approachable conversation aimed at uncovering solutions tailored to your circumstances.
Be prepared
Begin by organizing your thoughts and questions. Jot down what you hope to achieve and specific concerns, such as the impact on your credit or how bankruptcy might protect your home.
Research the basics of bankruptcy in Massachusetts so you have a general understanding and feel more empowered during the discussion. Be honest and transparent – your representative is there to guide, not to judge.
Bring documentation
To make the meeting productive, bring key financial documents. Examples include recent pay stubs, tax returns, a list of debts and creditors, bank statements and any correspondence regarding outstanding debts.
A complete financial picture helps your legal partner provide personalized guidance and recommendations for your next steps. Working with your representative means taking an active role in your bankruptcy, helping you feel confident about the journey that lies ahead.