Harmony in Birth Blog

When filing bankruptcy, furnishing enough financial information should provide a good mental picture of the debtor’s financial status, help save time and hourly legal fees, and help the attorney arrive at a reasonable estimate. Debtors should prepare strong financial statements, including assets and liabilities, a listing of creditors, federal and state income tax returns, home mortgage balances, auto loan payments, and outstanding credit card debt. A bankruptcy attorney will also want to identify the top seven secured creditor accounts — these will be the first to get paid. During the first consultation, debtors should be as honest and forthcoming as possible.