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What Information Should I Gather Before Talking To A Bankruptcy Lawyer?

Posted on: January 28th, 2021 by: Amanda Daniels  Topic: Bankruptcy

Let’s be honest for a moment: Bankruptcy is not a word that anyone wants to bring up in any form of conversation. The thought of it alone makes you feel that you have somehow failed in whatever it is that you may have been doing in life. The fact of the matter is that everyone has debt and sometimes the debt can become overwhelming, even to the most sophisticated individuals. It is important to realize when it’s time to consider taking the steps to begin proceeding with Bankruptcy.

Bankruptcy is usually considered when someone has hit the lowest of lows. A financial crisis may have occurred but it might have been the final straw for someone to consider even thinking of filing. The common misconception is that bankruptcy is a dirty word but in fact, it is a term used for those individuals who may need a “fresh start” in their professional lives while attempting to create a new and healthy life free from the former financial burdens that were carried before.

For those who may not know, by definition bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. It has the ability to stop harassing letters/phone calls, protect your home from foreclosure, and stop repossession of your vehicle or other property. Also, it can potentially strip the second mortgage from your home, stop paycheck garnishment, unfreeze your bank accounts, and reduce or even eliminate debt liability without loss of assets like your home, car, and more. The other benefit is that it can make creditors accountable for illegal collection methods (calls, emails, text messages, mail) and remove liens against your property.

There are two types of bankruptcy available to you: Chapter 7 and Chapter 13. Chapter 7 bankruptcy essentially wipes out the debt of an individual or a business and liquidates those debts. Those debts include credit cards, car repossessions, and home foreclosure judgments made against you. Chapter 13 bankruptcy reorganizes your debt so that you can keep your assets, such as your car, home, etc. It can even help with credit card debt and make it so that you could potentially pay pennies on the dollar on the debt, as well as giving you a longer timeframe to pay off these debts.

All of this sounds enticing, right? It sounds like a smart decision instead of continuing to drown in more accumulated debt, but how do you get started? What do you need to get the process going? Here at The Law Offices of Amanda Todd Daniels, we can help you throughout the entire process from beginning to end and ensure that we provide you with the best option that is manageable for you that can help you achieve your goals. Click here to learn more.

The first thing that you need to have when you come into the office is a copy of your federal and your state tax returns from the last three years. We use this information to establish your income from this time period. This may also be used to show that there may have not been enough income to cover the other expenses in your life or business.
Next thing that is needed is your paycheck stubs for the last six months as well as the current month (if available). This can show that your income may have not been sufficient enough to cover your expenses especially in the current economic climate.

Copies of your last three bank statements for your checking and your savings accounts are also on the list. This will show any and all transactions that have occurred that you have conducted letting us know where exactly the money was going during these periods of time.

We would also need a copy of your current automotive and/or home insurance policy. This shows that the assets in question have been protected financially during this time period.

The next thing is a copy of your driver’s license and social security card. This is used to determine officially your identity and this information will be used on the official paperwork when it is filed.

We also require a copy of your credit counseling certificate. A bankruptcy counseling session with a certified credit counseling organization should include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan and shows that you began the steps to attempt to correct the problems before filing for bankruptcy.

The last thing on the list is a copy of your current credit report from a trusted source. This will show the effects that this debt has taken upon the health of your financial life and why it needs to be corrected.

Whether considering taking the steps to go towards financial freedom, it’s important to know your options and what the best possible outcome is for you. At The Law Offices of Amanda Todd Daniels, we have years of experience with helping people determine whether bankruptcy is the best option for their specific financial situation. This experience that we have will ensure that your case is handled correctly and as quickly as possible. Our pricing is very competitive and helps us make decisions that will minimize further financial stress on you by choosing the option that best addresses your financial situation. With us handling your case in an efficient and concise manner, we minimize the cost of getting your financial situation back on track which also helps you in the long run. We will also take steps to make sure that the annoying phone calls and letters from those seeking to collect on debt ends abruptly. Feel free to reach out to us and schedule a consultation with us here.

Tupelo Attorney

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Amanda Todd Daniels is a general practice attorney providing legal services for residents of Mississippi, including Tupelo, Booneville, Corinth, New Albany, Pontotoc, Oxford, Amory, Aberdeen, Fulton, and Ripley MS.

"I recommend Mrs. Daniels to anyone needing legal assistance. She was fast and efficient when dealing with my case. Mrs. Donna gets 10 stars. Never did I feel uncomfortable when asking any of my many questions. Thanks so much for all of your assistance." ~ Hillary B.

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