The first meeting with a bankruptcy lawyer can be a very nerve-racking time in an applicant’s life. The applicant may have many question, may not know what questions to ask, or may not understand the bankruptcy process. The first meeting is when a client is informed about the bankruptcy process and which chapter he or she is eligible to file under but this meeting can also turn into a waste of time and money if a lack of preparation is tossed into the mix. It is important to be prepared for the first meeting because if a client is not, it will take even more time and money for the bankruptcy lawyer to get caught up with the case.

Assets and Debts

The first thing a bankruptcy lawyer may ask of is a complete and detailed list of assets and debts. What a bankruptcy lawyer will want to talk about is the numbers. The meeting will mostly focus on the applicant’s income, the applicant’s total amount of debt, the applicant’s total number of creditors, and the applicant’s estimated assets. The bankruptcy lawyer may ask little about the client’s personal life because he or she needs to focus on eligibility requirements and check for potential problems with a bankruptcy case. This focus allows the bankruptcy lawyer to be comfortable with the fact that the applicant has given the attorney authority to speak in court on behalf of the applicant. For applicants involved in a business, it is especially important for the bankruptcy attorney to understand the business relationship. It would be beneficial for the bankruptcy applicant to write down his or her relationship and position in the business beforehand so it can be readily available to the bankruptcy lawyer.

It is important to inform the bankruptcy attorney of the applicant’s financial information. Something that seems petty, such as paying back the applicant’s brother $800 last month, can be extremely important. Failing to disclose information when the paperwork is being prepared can have harsh consequences such as landing the client with a fraud accusation or possibly a later discharge date. Generally the attorney’s office will give the applicant a packet to fill out. It is important that the applicant diligently fill out this packet and let the attorney’s office know if there are any questions.

The most important action a bankruptcy applicant can take is to be prepared as much as he or she can and be ready to disclose all information to the bankruptcy lawyer. Failure to do so can lead to more trips to the lawyer’s office and to court, which may waste more time, energy and money.