In the first appointment, we are talking about your income, assets, liabilities and your assets. When we are looking at that, we make sure that they fit together and whether bankruptcy is an option.
Now when you are looking at that sometimes people will move forward before filing for bankruptcy and try to do working out with the creditors. I think it is always best if you find yourself in a difficult situation to try and work out some sort of settlement with creditors. If you can’t do that. If it is not possible to raise your income or sell off some of your assets to be able to move forward in your life, then bankruptcy is the option you end up with. Once you get through your initial consultation, which I did in video one, we are going to video two. In video two, we are talking about the second appointment. When you are come back to your second appointment, you will bring back your completed questionnaire.
You will bring back your documents. I tell people don’t bring me the originals bring me the copies of the documents that are required. You will get that list in the initial consultation. You will also have completed, or will be completing your credit counselling, which is a requirement. It is usually online and it takes about 45 minutes, may be an hour, and you will go through the credit counselling. This counselling is about how you got to this spot, where you are needing to consider bankruptcy. You will complete that and get certification and then you will do your interview essentially walking through the interview. We will make sure that we have that taken care of and all of it is filled up properly for income expenses and you are looking at the assets and liabilities. You have to get a total picture of your financial situation for credit counselling. You will do the interview and our office. We always require at the second appointment. At that time, we have your first payment which is usually 500 dollars. Some people pay the full $1,750 dollars or the $3,500 dollars in regards to the chapter 13. Chapter 7 is $1,750 dollars, but normally we just require the $500 dollars.
After the second appointment, usually, there are a few more documents you haven’t brought in. There is a little more money you need to bring forward and you will kind of take those steps moving forward into preparation for the third appointment. Once all of that is received, the third appointment should be really a signing ok and you are looking at the signing and initialling.