While declaring bankruptcy can be a challenging and daunting process, it’s occasionally necessary for a fresh financial start. When you find yourself in such a situation, you need a knowledgeable and experienced bankruptcy attorney in your corner. There are several benefits to working with a chapter 7 bankruptcy lawyer.
A bankruptcy lawyer can guide you through the intricate process of bankruptcy disposition, ensuring that you are aware of your options and rights at all times. They’ll also offer guidance on crucial documents, such as the bankruptcy worksheet, to ensure you’re adequately prepared. A bankruptcy attorney will also answer questions you may have, such as should I tell my creditors Im filing bankruptcy? They’ll recommend the best course of action for your interests to ensure a favorable outcome.
A bankruptcy lawyer will also ensure you understand the bankruptcy trustee’s role, such as can a bankruptcy trustee search your home. They’ll also explain how bankruptcy impacts your assets and property. Working with a bankruptcy lawyer can also give you peace of mind during this stressful time.
If you’re considering filing for bankruptcy, be sure to hire a qualified bankruptcy attorney. They’ll ensure you make informed decisions in the best interest of your financial future.
It looked like a great business plan. Four long time bowling friends were going to open the bowling center of their dreams. Two of the partners had owned a bowling pro shop together selling bowling balls and shoes to the area bowlers for the last 12 years. One of the partners had owned smaller bowling centers in the past. The fourth partner was the major investor and he was excited about the plan to open a combination bowling center, go-cart, sand volleyball venue. The biggest the area had ever seen.
The plan looked so good on paper that several friends in their bowling league were envious of the opportunity the four partners had. That envy, however, did not last long. A short 10 months after the center’s grand opening, problems were already occurring. The initial partnership of four was already down to three after some major finance issues. Many predicted that it would only be a matter of months before the entire group was filing for a business bankruptcy.
In 1980, businesses accounted for 13% of bankruptcies. Today, they account for about 3%. If you, however, happen to be one of the 3% who have a failed business, it is important that you find the best attorney to advice you in the business bankruptcy process.
One of the first things a business bankruptcy attorney will help you decide is what kind of bankruptcy you should file. In some cases, an attorney might suggest a Chapter 7 filing, providing for liquidation. This would include the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. With an attorney, the success rate for Chapter 7 bankruptcy claims is over 95%. An average Chapter 7 case can cost anywhere from $1,500 to $3,000.
If you fear that your business may be filing bankruptcy in the near future, the best course of action you can take is to contact an attorney for advice. Do not let a bad situation get worse because you did not seek legal counsel.