Coming to a realization that bankruptcy is a very real possibility is a sobering event for most people. Even business owners who believe that bankruptcy protection is the only way to keep the company afloat usually approach the task with a great deal of misgiving. Since locating and securing the right attorney to handle the process of filing for bankruptcy, it is imperative that you be as forthcoming with your counsel as possible. Here are a few specific tips to help with that task.
Set Your Embarrassment Aside
Attorneys who handle bankruptcy cases of all types are well aware that their clients are not proud of having to seek this type of court protection from creditors. These legal professionals have a solid working knowledge of every type of event and combination of events that lead to seeking bankruptcy. Your attorney is not interested in passing judgement on what you should or should not have done in order to avoid the current situation. Swallow your pride, and focus on deciding where to go from here.
One of the byproducts of setting aside your embarrassment and being up front about your situation is that your attorney is in a better position to offer you some food for thought as well as a little comfort. During the process of discussing the possible options, the attorney may offer comments that make it a little easier for you to see filing for bankruptcy as a way to start over. This can give you the motivation to apply some of the lessons you’ve learned the hard way as your finances got out of control, and avoid repeating the same mistakes.
Tell Your Bankruptcy Counsel Everything
Keep in mind that the focus of your attorney is to help you move forward from where you are today. For this reason, it is crucial that you provide full disclosure to your attorney, so he or she can make informed suggestions of the best way to proceed. There are several different forms that the bankruptcy protection can take, depending on the nature of your particular circumstances. Unless the attorney has all the facts, it’s much harder to provide the most effective counsel.
Don’t attempt to filter the information you provide to the attorney. It isn’t your job to decide what data is and is not relevant to your case. By being totally honest and forthcoming with every aspect of your finances, including income sources, the scope of your debt obligations, and assets that can be converted into cash, you are empowering the attorney to provide the best representation possible when your case comes before a judge.
Remember that your bankruptcy counsel is an ally in your quest to move past whatever events led to the financial insolvency and position yourself to move forward. Unless you are willing to provide full and complete disclosure to your attorney, there is only so much he or she can do to help you with that goal. Even if you find it very difficult, provide all the information about your finances and trust in your attorney to know the best way to proceed.