Find The Right Business Bankruptcy Lawyers
The US economy it seems has never recovered from the economic downturn of late and with this steady progression towards decline, is slowly losing its super powers it once has as being the most influential nation in the world. Too many businesses closed. Too many people lost their jobs. Too many homes were foreclosed. Too many dreams got shattered. The American Dream which seemed so possible before is so difficult to grasp now. And as long as this continues and the economy doesn’t make a major overhaul- bankruptcy would be a solution for so many Americans out there.
Bankruptcy is very difficult to fathom but this is one reality that seems normal in occurrence lately. Non-business has increased quite significantly at 9% from the reported 1, 412,838 filed in the CY2009 to 1,536,799 in CY2010. Good thing though that business related bankruptcy on the other hand had decreased by 7%. From 60,877 in CY2009 to 56,282 in CY2010. If you think you are in the verge of filing bankruptcy in your business, the first thing you need to do is to find good business bankruptcy lawyers who can assist you with sorting out your mess.
Depending on the need and extent of your problems, it is best if you consult several business bankruptcy lawyers first to get an idea on how you can proceed. Of course, they would be giving you different advices but this would at least give you options on how you want to proceed in terms of filing for bankruptcy. Chapter 7 bankruptcy or straight bankruptcy is all about liquidating or wiping out all of your eligible debts within four months of filing. The debtor will turn over all non-exempted assets to a bankruptcy trustee who will distribute the proceeds to the creditors. Since this process usually just takes four months to finish, it gives debtors a quick new start.
Chapter 13 or reorganizational bankruptcy, on the other hand, is for people who want to pay off their debts over a three to five year period. This is for individuals with no non-exempt properties they want to keep. This is an option for people with predictable income insufficient to pay off their monthly living expenses and portions of their outstanding debts.
In order to protect your interest, consult several business bankruptcy lawyers who belong to a legitimate organization such as the NACBA or the National Association of Consumer Bankruptcy Attorneys. Most lawyers do not charge for the initial consultation but most lawyer fees are in the range of $1000 to $2000. Depending on the state where you reside, most lawyers should attend section 341 meeting with the debtor so they can be recognized as the debtor’s representative.
Find business bankruptcy lawyers who will help you optimize and maximize all remaining non-exempt properties to pay off all your creditors at the earliest convenient time. That way, you could save on your various consultation fees and have your bankruptcy behind you. You could start your life again, rebuild your business and hopefully learn from the mistakes you have committed.