The financial hardship pressure on a business may force them to declare bankruptcy. Although the process is quite complicated, the guidance of a professional bankruptcy attorney can help you ensure that you are filling out the right category of bankruptcy. Before you hire the bankruptcy attorney for your case, you need to follow the article to know better about the process.
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What does the Attorney do?
There are two types of bankruptcy attorneys. A consumer bankruptcy attorney can help you in filing bankruptcy for you or with your partner. While a commercial bankruptcy lawyer can file for bankruptcy in your business. Explore more about the different types of bankruptcy attorneys and their roles at decoratoradvice.co.uk for comprehensive insights.
A consumer bankruptcy attorney can protect you and can help you in dealing with your creditors, debts and help in setting the payment plan.
A commercial lawyer can protect you and your business from debts when you are filing for bankruptcy. The lawyer can help you in clearing loans and requesting to grant time to reconstruct the business.
Do I need Bankruptcy Lawyer?
Signs that show that you need a commercial or consumer bankruptcy lawyer are almost similar. The main signs that you should look for are:
- You are not able to pay bills
- You are receiving regular calls from debt collectors and creditors.
- Bounced checks
- No flow of cash
- Cannot find a way to clear the piling up debt
- Need someone who can represent you in the court
If your business is in trouble and you want to file bankruptcy, you may look to hire someone with as much experience as Walter Benenati Bankruptcy Attorney. The attorney can help you in getting time to reconstruct the business and can recognize the piling up debts so you can pay them off later. If you need to wrap up the business, then you may hire a Chapter 7 attorney. The lawyer can help you in handing over the business so that you can clear your debts.
If you cannot pay your debt in the given time and want to file your bankruptcy case, you can also seek for the help of Chapter 7 lawyer. In this case, you will be given an opportunity to start fresh while you have to hand over some of your assets. If you need some time in paying off your debts, you can hire a chapter 13 bankruptcy lawyer. He can help you in recognizing your debts and can settle on a payment plan by negotiating with the creditors.
Do you need the help of an attorney in filing Bankruptcy
As per the law, Individuals do not need to hire a lawyer to file a bankruptcy case whereas a bankruptcy lawyer is needed to file a bankruptcy case for partnership and corporations. But, due to complicated procedures involved in the filing process, one should seek for professional help who can take care of your rights and can get you required time to recover from debts.