Bankruptcy is never easy for a business. If you are a business owner and bankruptcy is your last resort as you gather up documentation you need and assess your business from various angles, you might wonder what your bankruptcy attorney will need from you. The idea of bankruptcy becomes more solidified in your mind and you wonder how you can prepare so that the process goes as smoothly as possible. Luckily, help is on your side.
Your Next Steps
One of the best outcomes that you can have from your meeting with a bankruptcy attorney is a possible view of what you could be facing in the future. You want your meetings to be as productive as possible because these meetings are how a bankruptcy attorney can assess your financial situation and where to help you turn in your time of need. Let’s first take a look at how you can prepare for your first meeting with an attorney:
For one, you should always prepare by having questions in mind. This is a new process for you if you are going through bankruptcy for your business for the first time, which means that there are probably many worries and stressors that you have thought about over the past few weeks. You might want to keep a notepad on you where you write down questions that pop into your head so that you are completely prepared to ask these questions when your bankruptcy attorney is face-to-face with you. You might feel more confident when questions are right in front of you.
Documents That Might Be Needed
There are many important documents that your attorney might need from the very start so that they can get a better idea of your finances and any correspondence that you have had from collections now that debt collectors have your name and you have fallen behind in financial obligations in some ways. You want to bring information regarding your debt obligations such as credit report information, mortgage loan documents, credit card statements, outstanding bills, and any other documents relating to loans. You also want to bring any information that you can give the attorney relating to your current income and assets such as recent paystubs, recent savings account statements, and any titles and deeds that you own on property.
If you have been speaking with debt collectors on any level, your attorney will want to know about this as well. If you have warnings about impending lawsuits or notices for foreclosures, it is important to be upfront about this so that your attorney can handle the situation before it spirals even further out of control.
Also, do not worry if you are unable to find or bring a certain type of document, as you have time. During the bankruptcy proceeding, you will have more time to gather documentation that can help you in the long run. You will have time to speak with banks, your employer, and lenders about the situation and take appropriate actions to help your case.
How a Bankruptcy Attorney Can Help
Throughout Texas, many people wonder how they can receive help as they deal with the prospect of bankruptcy for their business. No matter what your needs, a bankruptcy attorney will be able to guide you through every step of the process and protect your interests when it comes to your business. Our experienced bankruptcy law firm has handled various claims for many including those in Chapter 7 and Chapter 11 bankruptcy. At M.J. Watson & Associates, we are here for you to give you hope during this process. Contact us for more information at 817-877-2861.