Business Bankruptcy Lawyer – Finding One

You must seek the professional guidance of a business bankruptcy lawyer if you are filing for business bankruptcy. Filing for business bankruptcy is very complicated, as there are so many factors to take into consideration. You obviously want everything to go smoothly and a business bankruptcy lawyer is there to ensure that everything goes smoothly.

Find A Good Lawyer

Your first job when you file for business bankruptcy is to find yourself a good and professional bankruptcy attorney who specializes in business bankruptcies. You do not want to do this at the last minute, because you would then end up settling for a mediocre attorney. Furthermore, your business bankruptcy lawyer will not have enough time to prepare your case.

To find a good attorney you can go online and do some extensive research on online bankruptcy lawyer. Make a list of names that you think are worth considering and interview each one of them. Your friends or family members, who have gone through a similar experience, can also recommend you a name. Your personal lawyer is another person whom you can ask for referrals.

If you are not clear about the kind of corporate bankruptcy legal representative or business bankruptcy lawyer you want, it would help you to spend a day or so at the bankruptcy court. Watch the lawyers representing their clients. You will then know the kind of lawyer you want.

Interview

When you go to interview a lawyer, do not hesitate asking all sorts of questions relating to your case. Inquire about his/her years of experience. Ask whether he/she has experience in handling your type of cases or not. Also pay attention to the type of office the lawyer has. An untidy and unorganized office is a negative reflection on the capability of a lawyer. Thus you should stay away from such a legal representative.

After you have chosen your bankruptcy attorney, it would help you to find out more about business bankruptcy. Your knowledge on business bankruptcy will empower you to take the right decisions at the right time. Your attorney would be able to provide you all the information that you need on the subject. Inquire especially about Chapter 7 and Chapter 11 of bankruptcy, because they deal with business bankruptcy.

Chapter 7 deals with the liquidation of assets. When you file for Chapter 7, the court will appoint a trustee, whose main job is to sell all your assets. Under Chapter 11, US Trustee will appoint one or several committees, who will come up with a reorganization plan.

Your business bankruptcy lawyer is the best person to guide you when it comes to deciding which chapter to file for. Right decision at this time will ensure that the bankruptcy process goes smoothly for you.

Responsibilities of a Bankruptcy Lawyer

Many organizations will only consider filing for bankruptcy as a last resort. They will struggle very hard to pay their creditors. Yet, sometimes bankruptcy is inevitable because of the stringent economic times being experienced. Recessions have resulted in the declaration of bankruptcy by many and this has led to an increase in the demand for bankruptcy lawyer services. Bankruptcy is defined as being unable to offset your debts. It is fully recognized by the law and some countries even have bankruptcy laws put in place to regulate the way debtors and creditors relate when a debtor has filed for bankruptcy.

Bankruptcy will give the debtor the option of clearing his or her debt fully or partially. This will also depend on the financial state of the debtor. The creditor, however, can choose to file a bankruptcy petition seeking the debtor to pay part of the debt or the entire amount. Once this happens, the debtor will need the services of a bankruptcy lawyer. Understanding the complexities involved in bankruptcy law might be difficult for a layman and this is precisely why the service of a professional lawyer who has specialized in bankruptcy is required. There are certain responsibilities and duties that the bankruptcy lawyer will perform once you have found the right one to represent you.

Professional responsibility: Every lawyer has a special responsibility to his or her client, regardless of who the client is, and it is no different with a bankruptcy lawyer. The lawyer should ensure that the client receives treatment that is fair during the entire legal process. This is an ethical responsibility that a lawyer accepts when taking the oath. This is the single most important aspect of a bankruptcy lawyer and failure to fulfill this responsibility will lead to losing the case.

Discretion: Another responsibility that is important and should be practiced by a good bankruptcy lawyer is discretion. The lawyer should know how to behave, what action to take and what to disclose about the case. The case details and conversations between client and lawyer should always be confidential. This will enhance the client-attorney relationship and prevent any important information from falling into the wrong hands.

Responsibility related to finances: The commonality in bankruptcy cases is the management of huge volumes of financial documents and statements. It is the work of the bankruptcy lawyer to analyze and evaluate the financial documents and determine the assets of the organization that has filed for bankruptcy. This must be identified early because liquidation might be necessary and the lawyer needs to be prepared for that option.

Devotion: The lawyer should be devoted to the bankruptcy case that he or she is working on. Devotion to the case and the client will ensure that the lawyer pushes for the rights of the client. Lack of devotion will ultimately lead to the case being lost due to infringement of the clients rights.

Legal counsel: One of the most important responsibilities that the lawyer handling the bankruptcy case has to his or her client is to offer legal advice. It is the duty of the bankruptcy lawyer to inform clients on how to conduct themselves at all times and provide expert legal advice about the case. This will make clients better prepared for any questions or information that may arise as a result of the case. All in all, the case will run much smoother for the client.

The lawyer should be able to tell you what options you have and recommend the best one for you. This activity is quite difficult, especially for lawyers who are not experienced, so choosing an experienced bankruptcy lawyer will benefit you enormously.

How to Find a Bankruptcy Lawyer

Filing for bankruptcy can be a very scary time in a person’s life. Without a doubt the financial crisis that has resulted in the bankruptcy has been a stressful ordeal. On top of that, the thought of having a 10-year stain on your credit report from bankruptcy is definitely a big concern. The last thing that you need to worry about is getting an incompetent lawyer working on your case. For that reason, you should put a lot of time and research into choosing a good bankruptcy lawyer.

The qualities of a good bankruptcy lawyer are the same qualities that make a good lawyer in just about any field. For one thing, you want a lawyer who is specialized in bankruptcy, just as you want a lawyer specialized in personal injury if you were involved in that sort of case. While most lawyers should have an understanding of bankruptcy and be able to help you, a specialist will make the entire process much smoother.

In addition, you should hire a lawyer with whom you have a strong rapport. If, upon meeting a lawyer, you feel uncomfortable or that your questions went unanswered, you should keep on looking. The most important aspect skill that any lawyer brings to the table is the ability to really listen and easily explain the complexities of a case. It’s a good idea to interview the lawyer before retaining him or her – and you shouldn’t be afraid to say no if you’re not comfortable.

A few good questions to ask of your lawyer are: how many bankruptcy cases have they have tried? How long have they practiced specifically in the field of bankruptcy law? Ask them: how complicated is my case, and how do you plan to go about handling it? Beware of a lawyer who will just tell what you want to hear. If the lawyer doesn’t talk about any of the difficulties of the process, they may just be looking to you to sign a contract with them.

To find a good lawyer, one place to search is with the local bar association. You can find them in the phone book – bar associations have referral panels that can direct you to a good bankruptcy lawyer. Once you’ve contacted a lawyer, you should get as much information as possible about your case. Make sure you understand the extent of services covered in the lawyer’s fee. You should ask about lien avoidance issues, trustee disputes, non dischargeability and actions, and more. Be aware that a lawyer can’t foresee all the possibilities, and additional fees may be necessary as the case progresses.

Remember that a good bankruptcy lawyer is there to help you. Once you find a bankruptcy lawyer you trust, let them know everything about your financial situation. That way, they will be best prepared to represent your interests. Be sure to provide information to your lawyer quickly, so that all court deadlines can be met on time. If you do your part as well, then having a bankruptcy lawyer on your side will make the bankruptcy process much less painful.