March 09, 2022 12:46 AM UTC

Reasons You Need a Bankruptcy Attorney for Your Business

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• by: Phoner

It’s not unusual for businesses to run into serious financial issues and research bankruptcy as a way of staying solvent. Unfortunately, this situation can be quite complex and typically requires working with high-quality attorneys who can help direct this process. Understanding the significant benefits of these experts can make it simpler for you to plan your bankruptcy and ensure that it goes appropriately for your business.

Help You Decide When to File

A skilled bankruptcy attorney can help you decide when to file chapter 13 bankruptcy in Texas, as your company may or may not qualify for this process. For example, they can let you know if your debt is large enough for your business type by examining your potential profits, your current financial strength, and whether your debt is far too high for you to pay it properly.

This type of consultation can also help you better understand how often you can file for bankruptcy, which is an essential factor that helps you plan your financing. For example, companies can generally file for bankruptcy every seven years or so, though this period may vary depending on your finances and other factors. As a result, it is vital to get an attorney who can help you understand these facets.

Guide You Through the Bankruptcy Process

The bankruptcy process is a complex one that can be challenging to understand correctly. This situation can affect your financial stability in many ways, such as if you don’t correctly file bankruptcy and get denied. An attorney can help you better handle this process by walking you through each step and giving you a better array of options that should help you get the best experience possible.

For example, they can help you evaluate your debt-relief options, negotiate with your creditors, create a plan to rebuild your credit, identify debt-relief opportunities you may consider, and provide help when working with your marketing team. A bankruptcy attorney can help your small business marketing consulting process go more smoothly and help your company roar back to success.

Deciding Your Bankruptcy Option

Your bankruptcy attorney can also steer you towards the best bankruptcy option for your business needs. For example, chapter 7 is typically easier to file but can cost you various assets that may make your company shut down. However, it can help you handle many debt types and disperse your debt for almost a decade, giving you time to plan for payment plans or work towards saving up debt-relief funds.

Chapter 13 may be a better option for businesses trying to keep various asset types that can help them stay open. A great bankruptcy attorney can help you handle this process more smoothly and identify different asset detainment options available for you. Picking a skilled attorney can also help you assess your property value when trying to retain your assets during bankruptcy.

Find a Team That Has Your Back

Research the different bankruptcy attorney options available near you that may specialize in your business needs. For example, some attorneys may focus on Chapter 7 or Chapter 13 bankruptcy types. They may also focus heavily on different company types, such as financial businesses. Call these professionals and create necessary plans that make this process smoother and more efficient for you.