If you have just found out about a large amount of debt your spouse has accumulated with credit cards and accounts in their name, and you weren't aware of these debts, you need to evaluate your financial situation quickly. If you think that you are now so far in debt that you couldn't possibly pay all of the money back, and that you were already in financial strife before you found out about these new debts, it may be time to get in contact with a bankruptcy attorney. Here are the things to bring.
Total Amount of Debts
The bankruptcy lawyer will want to look at the total amount of debt that you have. They will compare non-secured debts with secured debts, debt to income ratio, payment amounts, and more to determine if you could bail yourself out of the financial mess you are in. Once they go over everything they will explore the options to get out of debt before you file for bankruptcy.
Assets and Property Ownership Information
Some of the information you will want to bring is house and car payment information, and any other assets that you have. If you have built up enough equity in your home that you could possible take out a home equity loan, this may be enough to cover your debts. If you own a boat or you have your vehicle almost paid off, these are other things that you can take out title loans for. Your lawyer will look into the potential of these solutions and find out if they are possible.
Lawyer Settlement Negotiation
A lawyer that specializes in bankruptcy can be a debt negotiation expert, and can help to negotiate all of the debts down to a lower amount. If you can make one small payment to terminate the debt, and be done with, this helps your financial situation quickly. Talk with the lawyer to see how much they think they can cut the debt down with this method, and if this is enough to stop you from bankruptcy.
There are a lot of different options you may have before you have to file for bankruptcy. You need to make sure that your spouse comes clean with all the debt they have accumulated, so you can tackle everything at once. If there is no way out, then let your lawyer guide you through the process of bankruptcy to see if you can get out of the financial burden you're in.
Get in touch with a business like Phoenix Law to learn more.