How Do I File Bankruptcy

by | Apr 25, 2012 | Legal Advice

Bankruptcy is always a tough issue for companies. They fear this word and make sure to carry out steps which help them steer clear from filing for one. If you have too much credit, then sooner or later, problems will begin plaguing your company and you may have to make a tough call. So, how can you file for bankruptcy? Here are some of the points –

Alternatives need to be found. If you are still somewhere far from filing for bankruptcy, then make sure to take expert advice on how you can avert the disaster for your company. Bankruptcy means you can undergo counselling from an entity that has been sanctioned by the U.S Trustee by the first 180 days since the date of filing. This helps individuals by providing them with alternatives.

There are two main bankruptcy types – Chapter 7 and Chapter 13. Chapter 7 is one of the most popular and allows for a straight liquidation. If there is a repayment plan, then there is Chapter 13 for the same. If you are filing for bankruptcy, then you will find an increasing pressure to go in for the chapter 13.

Hiring the right kind of lawyer is vital for you to get over with the process quickly. An experienced lawyer will quickly get down to business and will be able to give you the right kind of idea. The lawyer will be helping you with the means test as prescribed by the BAPCPA. Some lawyers charge a flat fee while others charge on the basis of the debt amount.

After the initial filing, you won’t receive any calls from your creditors. Your lawyer will prepare you for the meeting with the creditors. Hence, you need the services of a lawyer who helps you file and battle out the toughest phase of your career.

Make sure to get in touch with your colleagues in order to get the suggestions for the lawyers you need to short-list. This will help you get the best lawyer before you go ahead with the deal. Make sure that you are in direct contact with the lawyer all throughout the case. Go online and find out about the websites that lawyers have. Make sure that the lawyer is located near your location and is able to quickly give you his/her full attention. When looking forward to answers for the question – how do I file Bankruptcy, remember, the right lawyer will help you find solutions to the crisis.

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