Don't file for bankruptcy without a lawyer
Bankruptcy is technically the legal declaration by a person or corporation that they are unable to pay their creditors. Bankruptcy lawyers devise a plan that will resolve their clients' debts through the division and distribution of their assets amongst any number of creditors.
Filing for bankruptcy is never an easy decision, and it's a very good idea for you to consult an expert in bankruptcy laws before doing so, in order to determine all your options. It's possible to file for bankruptcy without the help of a bankruptcy attorney, but having professional knowledge of the law on your side could save you and your loved ones hundreds or thousands of dollars in the end.
Making Sense of Bankruptcy Forms and Processes
The process of filing for bankruptcy is not an easy one and is constantly changing, so having an expert in the bankruptcy system to work with you is crucial for getting through the procedure and emerging ready to rebuild. Even individuals or companies that are denied bankruptcy when applying on their own may be able to find a way with the help of a knowledgeable attorney.
There are also several different options when filing bankruptcy chapters. Your attorney will be familiar not only with Chapter 11 bankruptcy law, but also with Chapter 7 bankruptcy law and Chapter 13 bankruptcy law. He or she can help you decide which bankruptcy forms are most appropriate for your situation, and how to address other important issues like home foreclosure.
Preparing for Bankruptcy Court
Prior to choosing a bankruptcy lawyer, it's important that you sit down with them to determine if they are right for you or your company. Make sure you understand everything the lawyer is saying, since even the smallest detail could have a dramatic impact on you – and, by extension, your loved ones or your employees. The lawyer must be able to devise a strategy where the vast majority of creditors are cared for, so that you can begin again after the process is over.
Some business lawyers have experience with these matters, but it's ideal to find a bankruptcy attorney who specializes in cases like yours and is located nearby to make it easier to keep the channels of communication open at all times. Filing for bankruptcy is a very stressful time, and there's no reason to make the process any more upsetting.