While it may seem tempting to try going through it alone to save on legal fees, having an experienced bankruptcy attorney on your side makes a major difference in the outcome. An attorney familiar with bankruptcy law guides whether filing for bankruptcy is your best option, navigating the different chapters you file under, completing all paperwork, and representing your interests in court. In most cases, hiring a business bankruptcy attorney is highly recommended.
Having a legal professional to handle the process helps ensure everything is done correctly. Signs it’s time to contact a bankruptcy lawyer include struggling with steady declines in revenue and profits, falling severely behind on vendor and supplier payments, facing lawsuits from unpaid creditors, being contacted by collection agencies, or dealing with foreclosures. An attorney evaluates your financial troubles and determines if bankruptcy is the most viable solution.
Get advice on which type of bankruptcy to file
Without legal guidance, you may not know which is best. Chapter 7 bankruptcy fully liquidates all eligible assets to pay off creditors, while Chapter 11 allows you to restructure and reorganize your business to repay debts over time. An attorney assesses your business’s financial affairs and advises which option gives you the highest chance of emerging from bankruptcy in a stronger financial standing. The right chapter helps save your business.
Complete the required documents correctly
All business bankruptcies require extensive documentation, including financial statements, tax returns, business records, leases, lawsuits, assets, debts, and more. Experienced filing for a bankruptcy in Orlando lawyers are familiar with all forms and petitions that must be prepared and submitted. They ensure everything is error-free and accurately represent your business’s financial details. Having an attorney handle documentation minimizes the likelihood of running into issues that could derail your case.
Business bankruptcy law is intensely complex, especially for those with no legal background. From knowing exemption limits to navigating the automatic stay and discharge rules to dealing with creditors and opposing motions in court, it helps immensely to have a knowledgeable attorney there to explain bankruptcy codes and laws. Relying on their expertise prevents you from jeopardizing your case through ignorance.
Negotiate effectively with creditors
Once you file bankruptcy, an experienced lawyer negotiates with creditors on your behalf to potentially reduce debt balances or create affordable repayment plans. Creditors view proposals from attorneys more seriously. Without legal representation, they may be less willing to work with you. Your lawyer’s negotiation skills can resolve creditor issues smoothly.
During bankruptcy, you will need to communicate with creditors, trustees, the courts, and other parties. Emotions understandably run high during such a stressful financial time. Your Orlando Bankruptcy Attorney will handle all communications in a professional, level-headed manner that preserves your business’ credibility and maximizes the chance of positive case outcomes. Let your lawyer be the impartial representative. If your bankruptcy winds up in court for disputes with creditors or other issues, an attorney is essential to represent you and argue on your behalf. They understand court procedures, bankruptcy laws, and how to present persuasive cases.