What Happens at the Bankruptcy Consultation?

The very first thing that your lawyer will ask of you during your free bankruptcy consultation is how much debt you have. During this time your lawyer will gather information about all of your debts, assets, current savings, and expenditures. The lawyer will also ask you a series of personal questions to learn about your financial situation. The lawyer may even ask you some questions concerning your lifestyle and habits. All of these inquiries are to learn more about what type of debt relief options are available for you.

The very first time that you meet with your lawyer for your free bankruptcy consultation he is not going to ask you how much debt you have. Instead, the attorney will start off the initial consultation by asking you about your debts. During this time the lawyer will gather information about your current debts, current income, current expenses, and assets. The goal is to get an accurate depiction of how much debt you have and how much income you may have.

One of the most common questions that bankruptcy lawyers get at the initial bankruptcy consultation is whether or not you have any judgments against you. Typically your attorney will ask you if there are any past bankruptcies against you. He will also ask you how many debtors and how much debt you owe to various creditors. This is just to make sure that he has you on the same page as far as debt is concerned.

As you meet with your lawyer during your bankruptcy consultation you will be asked questions regarding the state of your finances. During this time the lawyer will gather information from you regarding your credit cards, mortgages, car loans, student loans, and everything else that you owe. You will most likely be asked what are your monthly expenses. During this part of the consultation you will be asked what is on your credit card each month. At this point it is a good idea to list out all of the credit cards and note the balances.

At this point it is a good idea for you to ask the bankruptcy attorney what the maximum amount of money that a loan officer can charge you. This will help you to avoid many people who are trying to take advantage of you at this critical stage. The bankruptcy attorney will ask you if you have ever been required to repay a debt in the past twelve months. If you have not then you should have no problem receiving the amount that you were told you could get. Check out and discover more here.

At the end of the initial bankruptcy consultation you will be advised whether or not you qualify for a chapter 7 bankruptcy case. If you do qualify you will be advised to file and repay the remaining debt that remains after the advice was given. A chapter 13 bankruptcy case is considered to be the final recourse for someone who is facing financial hardship. Read more here...

You can get additional details by checking out this link - https://en.wikipedia.org/wiki/Strategic_bankruptcy