Bankruptcy is a plan which helps you discharge almost all of the debts. However, its effect on your credit is going to be a huge one. Same is the case with the businesses. The only difference is that the businesses are required to file under Chapter 11 bankruptcy. If you find that your business is too deep in debt, you can file bankruptcy. Filing bankruptcy does not necessarily mean that, your business is going to close down. It rather would affect your ability to obtain new credit. However, if you are going to file business bankruptcy, it would be better to take the help from business bankruptcy attorney.
A business bankruptcy attorney can help you file the plan without making any mistakes.
Choosing the right bankruptcy attorney
It is important for you choose the right business bankruptcy attorney. In order to choose the right attorney, you will be required to:
- Find out if the attorney is certified – You will have to find out if the attorney is at all certified. It is very important to choose a lawyer who is qualified and experienced. Filing is not a matter of joke and is not easy too. So, it is extremely important to get help from an authentic person. Otherwise, your business problems will only aggravate. The certified business bankruptcy lawyers are supposed to have special training, which helps them deal with business bankruptcy.
- Discuss with others who are close – Discuss the situation with other people or relatives, who are close to you. If they ever had have experienced any such situation, they must have taken help from bankruptcy attorney. It is always safer and thus better to get advice or help from a referred person.
- Interview some bankruptcy lawyers – While choosing a bankruptcy lawyer, it would be important for you to interview quite a few lawyers. There are various things which you will have to check with, while interviewing them. Find out if the lawyer is ready to understand you and the situation your business is in. You will have to find out if the attorney is at all interested in the process and in addition, if the attorney is ready to discuss with you about the alternatives to bankruptcy.
- Check out online professional directories – In order to find business bankruptcy attorneys, you can check with the online professional directories. These search directories can provide details of various lawyers and their biographies. You can check out the details and the biographies, which can help you choose the right lawyer, as per your needs.
- Check with the Local Bar Association – Do not think that a Local Bar Association is going to help you find or hire the right bankruptcy attorney. However, they can yet be helpful. You can get a listing on bankruptcy lawyers from your locality. If you get a list of some names along with the office addresses and the phone numbers, it definitely is going to be easier for you to choose.
- Find out the fees they will charge – Never fail to find out the fees which they are going to charge. You should not make the mistake of looking for a lawyer who is going to come for cheap. However, paying an exorbitant sum may not be possible for you considering that you are filing business bankruptcy.
- Sign the retainer agreement – It is extremely important for you to sign a retainer agreement. After you are done with choosing the business bankruptcy lawyer, you are supposed to get the retainer agreement. Do not simply sign it, but read it carefully. Don’t just sign it. The agreement can have details of the bankruptcy proceedings, the payment charges, the payment process you will have to follow and so on.
The above are some of the factors which can help you choose the right bankruptcy attorney, if you are going to file business bankruptcy.
Amy Lewis is a financial writer who has been associated with the OVLG Group for quite a few days. She has written articles on several finance based topics. She is a financial expert and has written on various topics such like that of credit and credit card, tips on saving money, budgeting and so on. For more tips and the details of OVLG Group, you can refer http://www.facebook.com/OVLGroup.