Chapter 11 Bankruptcy Attorneys
A Chapter 11 bankruptcy is a process that is designed for business owners whose businesses are no longer providing enough gross revenue to pay back debt. When companies can no longer pay creditors due to financial loss then they may choose to file a Chapter 11. This loss can be due to owner illness, fire, theft, loss of business and a variety of other catastrophes. When the time comes to file this bankruptcy, choosing experienced and qualified Chapter 11 bankruptcy attorneys is critical.
Experience Speaks Volumes
If your company is headed toward a Chapter 11 bankruptcy then you have certain rights under federal law. Now, this means that in order for your rights to be protected you need someone on your side that knows these laws and can offer you the advice that you need throughout the bankruptcy process. An attorney who has never filed a corporate bankruptcy or one that has only had one or two bankruptcy cases is simply not a good choice for a number of reasons. First, once a Chapter 11 has been filed your creditors can no longer harass you or make any sort of collection effort. All of your business assets are protected under the bankruptcy filing. Another thing that you should know is that you will be required to formulate a plan for repayment. This is something else that your attorney can help you with. Choosing an unqualified and inexperienced attorney will make this process much more difficult.
Where to Find Experienced Chapter 11 Bankruptcy Attorneys
You can find a number of Chapter 11 bankruptcy attorneys in virtually every major city in the nation. Choosing one in your local area may prove to be a bit difficult depending on where you are located. It may be best to do a bit of online research and see who practices in your area. Be certain to take a look at the credentials of any attorney that you consider contacting just to be sure that he or she has the experience needed to help you. If you know other business owners in your area you may want to ask about referrals. If someone else has been through this process they may be able to give you names and contact information for practicing corporate bankruptcy lawyers in your area.
Dot Your I's and Cross Your T's
Again, this is a critical time and requires much consideration. You cannot simply choose an attorney out of the phone book and expect him or her to be the best choice. Cost should not even be an issue here. While you may want to ensure that you can readily afford this filing, choosing an experienced attorney is much more important than watching what you spend. Be sure that you select someone with a good reputation. There will be many legal forms that you will need to read and sign and reading is essential. You should always ensure that you understand the legal forms before you sign them. If you are confused or unsure of something then be certain that you ask questions. A good, experienced Chapter 11 attorney will readily answer any questions that you may have about the process.