When it seems as if nothing makes it easier to regain control of the household finances, the time to seek the advice of a Bankruptcy Lawyer in Rockford, Il has arrived. After scheduling the appointment, it is important to go into the meeting with an open mind. During the course of the meeting, the lawyer will provide some information that the debtor needs to consider very carefully.
Assessing the Situation of the Client
In order to provide helpful advice, the Bankruptcy Lawyer in Rockford, Il will want to go over the particulars of the client’s financial situation. This will include identifying all sources of income. Along with full-time and part-time jobs, the lawyer will need to know about income like proceeds from trust funds, or payments received from any interest bearing accounts. The goal is to determine how much money the client has on hand to cover his or her current obligations. Next, there is the matter of determining basic living expenses. This includes expenses related to food, clothing, shelter, and transportation. If the client is currently paying child support, that is something that must be taken into account. The final step is to look at the outstanding debts the client currently carries. What are the balances, and how much do the minimum monthly payments come to? Are any of those accounts currently in arrears? Once the lawyer has a good idea of where the client stands financially, it will be easier to determine if bankruptcy in any form is an option.
Discussing Possible Solutions
Assuming the client does meet the current criteria for any form of personal bankruptcy, the lawyer will go over the pros and cons associated with each. Depending on the situation, the lawyer may recommend a Chapter 7 action that calls for the sale of eligible assets to partially settle the debts and then dismissing the rest. Other clients may benefit from a Chapter 13 arrangement that stops the accrual of interest on those balances and allows the client to repay the debt according to a court ordered plan. For people who are feeling hopeless about their financial situations, there is help. After one visit with Crosby Law Firm lawyer, the way to move forward will be much clearer.