Filing for chapter 11 bankruptcy is a tough decision if you are trying to save your business. You should consult a professional if you decide this is the best choice for your company and its investors. This is where Chapter 11 bankruptcy attorneys come into play.
A good bankruptcy lawyer has experience and knowledge in the Chapter 11 bankruptcy laws of the United States Bankruptcy Code. Chapter 11 bankruptcy attorneys will assess your business financials and then make recommendations based on your specific needs. Make sure you use a lawyer who specializes in business bankruptcy as those who serve multiple legal areas may not have the knowledge you need.
The Difficulty of Bankruptcy
Many people refer to a Chapter 11 bankruptcy as reorganization bankruptcy. It is a difficult and lengthy bankruptcy. Therefore, it is wise to consult with Chapter 11 bankruptcy attorneys for help. Chapter 11 proceedings allow you, the owner, to continue running the business while you reorganize its financial affairs. Meanwhile, the bankruptcy court appoints a trustee to approve all of your major business decisions. In addition, you will have a committee of creditors to deal with. Contrary to popular believe, Chapter 11 bankruptcy does not erase all of your business debts.
Getting Reputable Chapter 11 Bankruptcy Attorneys
Since it is complicated to file for Chapter 11, bankruptcy attorneys familiar with these laws must be retained. Usually a Chapter 11 filing means an attorney will represent you and your business for up to five years. So you better get a good lawyer that you trust. But how do you find a reputable bankruptcy attorney? Start with recommendations from family, friends or business associates. Also check out the yellow pages in your local area and see who places themselves under this category.
Make a list of potential candidates and interview them before you hire anyone. Find out all you can about filing for Chapter 11 bankruptcy and then set some appointments. Many lawyers will give a free consultation and this is an opportunity to ask your questions. Do the answers sound about right? Does the bankruptcy attorney clearly explain his or her fee structure? Remember these lawyers do not work for free.
You will eventually pay them in one way or another. Finally consider other options when trying to save your financially strapped business. An honest bankruptcy lawyer who understands business should explain not only bankruptcy to you but also the other choices you have when trying to save your business.
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