What's a Financial Assessment for Bankruptcy?

Question: When I met with you, you mentioned a financial assessment. Can you tell me a little more about the assessment and how it works and what it’s used for? I’d really like to know my options for bankruptcy because I need to eliminate debt that has been building up since I got a new job in Atlanta and it pays about half of my old job in Alpharetta.

I am in sales and I need to get rid of these credit card debts that have been mounting for the last 2 years. I also started borrowing money to pay monthly bills and now I have four personal loans that I don’t think I can ever repay. I owe over $50,000 and I don’t know how I’ll ever pay it back.

Foolishly I’ve gotten into some gambling debts at casinos in North Carolina and Mississippi and at horse tracks in Florida and New York. For a while I won a lot, but recently I’ve been unlucky and I’m starting to think I might have a gambling problem. My wife says I need help.

R.M. in Cumming, GA

Answer: Our clients and we find it very useful to perform a financial assessment prior to filing a bankruptcy petition. The assessment allows us to determine all of the potential financial options that our clients may have.

They may be able to do a chapter 7 or a chapter 13, or perhaps debt settlement makes the most sense for them. The financial assessment is the “diagnostic tool” that we use to take a hard look at and to understand the true financial picture of a client. We want to know all of the assets that exist and all of the liabilities.

Once we receive your documents and your file is complete, we can move very quickly to have your assessment processed and petition filed with the court. The length of the case after filing depends on the chapter that is being filed. We will be able to go over this in greater detail after the assessment is completed.

Once the assessment is complete, we are better able to advise you in regards to your debts and how they might be eliminated. However, generally, our clients will continue to make payments on any secured debts for property that they wish to keep (mortgage on a house, car payments, truck payments, etc.).

About Us

Are you stressed out because you have too much debt? We are North Fulton bankruptcy lawyers. Just call us at 678-215-4106.

Attorneys Valerie Sherman and Bill Sherman and their talented team will help you navigate the entire bankruptcy court system. We proudly serve the entire Atlanta metro area and North Georgia.

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