Why Will You Need To Bring Your Bank Statements When Meeting With A Bankruptcy Lawyer?
If you are going to be meeting with a bankruptcy lawyer sometime soon, you might have called ahead to ask about what you should bring to your appointment. If your bankruptcy lawyer is like many, they might have asked you to bring along copies of your bank statements. You might not mind doing this, since you probably want to bring along everything that is needed so that you can be prepared to file bankruptcy. However, you might be wondering why your bankruptcy lawyer has asked you for bank statements. These are a few possible reasons why.
They May Have to Turn Them In to the Bankruptcy Courts
First of all, you should know that your bankruptcy lawyer is probably going to be required to turn in certain documents to the bankruptcy courts or the bankruptcy trustee when handling your bankruptcy filing for you. This allows the bankruptcy trustee to look over your documents to help ensure that everything has been filled out correctly and that you are eligible to file bankruptcy. If you go ahead and bring your bank statements along with you when meeting with your bankruptcy lawyer, you can make it that much easier and faster for them gather up all of the documents that they are going to need to submit.
They Can Help You Determine Which Type of Bankruptcy to File For
There are a couple of options that individuals and couples can choose from when filing bankruptcy. One option is to file for Chapter 7 bankruptcy, which might allow you to discharge a lot of your debts. You have to make below a certain income in order to qualify for Chapter 7 bankruptcy, however. Another option is to file Chapter 13 bankruptcy. This is a repayment plan in which you repay most or all of your debts over a set period of time, and in order to qualify, you have to prove that you have enough income to make your payments. Additionally, the amount of your monthly payments will be calculated based on your income. Therefore, your bankruptcy lawyer will need to look over your bank statements to determine what type of bankruptcy filing you qualify for and to help you determine which option is best for you and your financial situation.
They Can Let You Know if You Have Too Much Cash on Hand
When you file bankruptcy, you are only able to have a certain amount of cash on hand. Your bankruptcy lawyer will want to check out your bank statements to determine that you qualify for bankruptcy based on the amount of money that you have in the bank.