Choosing a Bankruptcy Attorney

Bankruptcy Attorney & Consultation

Hiring a good attorney to assist you with your bankruptcy can make a difficult situation less stressful. Here are some tips to help you choose an attorney and prepare for your consultation:

Choosing a Bankruptcy Attorney

Just like doctors or insurance agents, many attorneys specialize in a particular legal field. A lawyer who works mainly in the area of bankruptcy will have the most expertise and up-to-date information.

• Telephone Book

  The yellow pages usually lists local attorneys under the subheading of bankruptcy. This will help you find a lawyer located near your home or office.

• Referrals

  If you've used an attorney in the past, ask them for a referral to a good bankruptcy lawyer. Friends and family can be a source for recommendations. You can also check the American Board of Certification (the national certification board for bankruptcy and creditors' attorneys) on the Internet.

• Consultation

  After finding a few promising firms, make appointments for initial consultations. There's nothing like one-on-one interviews to get a feel for an attorney.

Preparation

Once you've chosen a bankruptcy attorney, expect to pay anywhere from $500 to $1500 for their services, depending on your area. Some firms will make payment arrangements, but most prefer to collect the full amount prior to going before the bankruptcy trustee.

Once a bankruptcy is filed, all credit legal action as well as harassing phone calls will cease. Therefore, it makes sense to bring all your applicable information with you to your initial meeting with the attorney.

The following list includes information that most bankruptcy lawyers will need:

• Personal Information

  Name
  Address (any previous addresses)
  Phone Number
  Social Security Number
  Birth Date for all filers and dependents
  Current Employment and past Employment History
  If Self Employed - Information on your business
  

• Monthly Income and Expenses

  Net Income
  Spouse's Net Income
  Child Support
  Social Security Benefits
  Unemployment
  Spousal Support
  Other Income
  

• Monthly non-Discretionary Expenses - After Bankruptcy

  Child Support Payments
  Spousal Support Payments
  Child Care
  Medical Expenses
  

• Monthly Discretionary Expenses - After Bankruptcy

  Housing - rent/mortgage
  Taxes/fees
  Utilities--telephone, cable/satellite, gas, electricity, water
  Furniture, etc.
  Personal Expenses - dining, entertainment, gifts, contributions, allowances
  Non-recoverable Medical Expenses - prescriptions, dental
  Living Expenses - food, laundry, toiletries, clothing etc.
  Transportation Costs - car payment, repairs, maintenance, gas, public transportation
  Insurance Expenses - vehicle, house, life insurance
  

• Assets - Location, Best estimate of Present Value and Information regarding:

  Cash/Bank Accounts
  Household Furniture/Collectibles
  Retirement Savings Plans
  Loans Due to You
  Cash Value of Insurance Policies
  Savings Plans/Bonds/Stocks/Shares
  Clothing, Medical Aids, Jewelry
  Estimated Tax Refund
  Real Estate
  Cars/Motorcycles (need model and serial number)
  Motorized Vehicles/Boat/Trailer
  Tools of Trade
  Other Assets
  

• Liabilities

  List all debts, including secured debts, medical and utilities. Include name, full address, account number and estimate of amount owing.
  (Bring in most recent statements if available)
  Include any debts with you as guarantor or co-signer
  

• General Information regarding:

  Assets you have sold, disposed of or transferred in the last 12 months
  Assets seized within the last 12 months
  Assets you expect to receive (money or property) within the next 12 months
  

Letter of Explanation

Brief written description of the reason for your financial difficulties

By providing your attorney with the most complete and accurate picture of your financial situation, he or she will be able to protect your rights and provide every benefit to you that the law will allow.

Members of the Consumer Advocate Association:

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