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When an individual is unable to pay up debts and the creditors keep calling demanding for payments, he should look for a way out. One of the ways to come out of this mess is to work on a repayment plan. In case this does not work out with the creditors, then it is time to consider filing a financial distress petition.
In the past, people would find this a very simple solution and an easy process to solve their financial problems. They only had to look for the best bankruptcy lawyer, who would take up the task of advising them accordingly. However things have changed significantly. A bankruptcy lawyer will be the person to advice you appropriately after you have handed him some crucial documents.
These include past expenses bills, all income statements of the last few months, a list of all the creditors and most important the copies of letters from the creditors. With these the attorney will tell you if this is the only option that you have. It is important that debtor disclose everything about their financial position to the bankruptcy lawyer.
It will be impractical to expect any answers on the first day but the debtor should expect many questions from the attorney. The first day will be all about going through the documents and looking through various alternatives. It is only after the second meeting that the attorney can determine whether there is a legal option for the debtor. Under the new rule, this is also the point at which the attorney will really refer the debtor to a counseling agency. In the past it was done three months before the filing of the petition.
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