Financial difficulties may force you to file for bankruptcy as an easier way out. However, it is a process that can be very complicated and you will need the assistance of a bankruptcy attorney to file and get everything right. Typically, there are business bankruptcy attorneys who help with filing business bankruptcy petitions and consumer bankruptcy attorneys who file petitions for individuals. In a business setting, your business gets protection from creditors, while in a consumer setting, you or your spouse get protection from creditors and deal with debt settlement or setting up payment plans.
When to get a lawyer
One of the best steps you can take when facing financial difficulties is to accept that there is a problem and, in fact, take the right step to deal with it. Inability to pay bills, bad checks, lack of cash flow, constant calls from creditors and debt collectors, debt that keeps piling up, and not being sure how to handle the situation are some of the signs you need for yourself or your business. a bankruptcy attorney. .
As a business in difficulty, your attorney will be able to help you get time to restructure the business and reorganize debts or, in worse situations, close the business. On a personal level, the attorney will give you a fresh financial start by sacrificing some of your assets or can reorganize debts and negotiate payment plans with your creditors if you want to pay off debts.
What to expect from the lawyer
1. A bankruptcy attorney will offer competent legal advice. They will not only advise you if filing for bankruptcy is the best way to go, but they will also help you fill in the correct category and advise you on the best ways to use bankruptcy to achieve the financial goals you have. As part of the consultation, your lawyer will also prepare you for the process, make it as easy as possible, and even share risks or possible difficulties.
2. The attorney will have the ability to handle your bankruptcy. Familiarity with federal bankruptcy laws, local court procedures and rules, and even bankruptcy trustees within your area will make the process easier for your attorney. However, to enjoy this, you need to make sure you choose an attorney who has the necessary skills and experience to handle your type of case.
3. Handling of all bankruptcy paperwork. Long form packages are unavoidable in a bankruptcy case, but fortunately filing is something your attorney will do for you. Lawyers have specialized software that makes it easy for them to prepare and file the documentation required in court. All you will need to do is provide your attorney with all the information needed to complete the forms, such as assets, debts, income, and expenses.
4. Representation at hearings. Bankruptcy cases can have multiple hearings. Although you may be required to attend the meeting of creditors hearing, your attorney may represent you at any additional hearings. This representation saves you the heartache that comes with cases.