Individuals who have to file for bankruptcy can do so without the services of a bankruptcy attorney. However, federal law stipulates that businesses cannot file for bankruptcy without the services of a bankruptcy attorney. It does not matter whether your business is a one man operation or whether there are hundreds of people working for you. This is because businesses and corporations are considered to be separate entities from their owners and/or shareholders. No one starts a business thinking that they will fail. Uncontrollable factors can determine whether a business will be successful or not. Sadly, some businesses fail as they have too many debts that they cannot service. If this is the situation you are in it is not advisable to be passive and wait to see what happens while things only get worse. Filing for bankruptcy is a viable solution for you.
There are different types of bankruptcy that you can file. There are tons of resources available for you to be able to figure under what chapter you should be filing. However, it is best to make this decision based on the counsel of a business bankruptcy attorney. Bankruptcy is a complicated area of the law. There are many federal laws and regulations for it. Business bankruptcy attorneys have spent many years going to law school and training in this field. If you have a business that needs to file for bankruptcy you should not hire just any lawyer. You need an attorney who specializes in business bankruptcy because it is a very complicated area of the law. Not just any lawyer will be able to provide you with the correct skills and expertise to be able to assist you to file a successful bankruptcy case. For example, you cannot hire a human rights attorney to assist you to file for business bankruptcy. Only a business bankruptcy attorney will do.
A business bankruptcy attorney will be able to give you the correct legal advice regarding business bankruptcy and they will be able to represent your interests every step of the way. Sometimes, the business bankruptcy attorney will be able to advise you to consider different routes that may be more beneficial for you and your business. They will be able to look at your case and tell you if filing for bankruptcy is not the last solution available to you. Bankruptcy is a huge step that should not be taken lightly as it will affect your business for years to come.
Even if your business is doing well right now, you do not know what the future holds. It is advisable to visit with a business bankruptcy attorney before you need to file for bankruptcy, even if your business will continue to grow and you will never need to file for bankruptcy. The business bankruptcy attorney will be able to advise you as to what protections you have as a debtor in all your business dealings with creditors. This will ensure that you never take advantage of or abused by a creditor. They will also be able to advise you as to what steps you can take to prevent your business ever reaching a point where filing for business bankruptcy is a necessity. Creditors can force their debtors to file for bankruptcy under the correct circumstances. You never want to find yourself in a situation where your business is forced to file for bankruptcy if there are other options available to you.
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