Question: Do I Need a Bankruptcy Lawyer? What Does a Bankruptcy Lawyer Do?
Answer:
If your business is in trouble and you are considering bankruptcy, you may be wondering if you can do it yourself or if you need a bankruptcy lawyer. Bankruptcy is a complicated process. If you have a very simple business and few creditors, you might consider doing it yourself, but in almost every case, you need a lawyer to help you through the process. What does a business bankruptcy lawyer do?
Business Bankruptcy Lawyer Functions
A business bankruptcy lawyer can help you:
- Determine if you should declare bankruptcy
- Find the bankruptcy type best for your situation (Chapter 11 Reorganization, Chapter 7 Liquidation, or Chapter 13 Sole Proprietorship)
- Work with the bankruptcy laws in your state
- Present your case to the bankruptcy judge
- By accompanying you to creditor meetings
- File the necessary paperwork in a timely manner.
A competent business bankruptcy attorney can be a valuable ally in your bankruptcy. Paying a bankruptcy attorney to help you with your bankruptcy is probably money well spent.
