There are two distinct categories of bankruptcy lawyers: private bankruptcy lawyers who can assist you with personal bankruptcy, and commercial bankruptcy lawyers who can assist you with corporate bankruptcy. Both require the same type of licenses to practice, but in a different way. Commercial bankruptcy lawyers represent businesses, whereas private bankruptcy lawyers represent individuals. So it is important to understand how these distinctions play into your bankruptcy case You can learn more at Richard M. Weaver Bankruptcy Attorney – Dallas Bankruptcy Attorney
When a business is considering filing for bankruptcy protection, they should contact their local bankruptcy lawyers first. The bankruptcy lawyer will assess your case and advise you on whether or not bankruptcy protection is right for your business. If you have other assets that can be liquidated to pay off debts, the bankruptcy lawyer may advise you to consider a chapter 7 liquidation. If there are any equity lines of credit, those two could be used to repay debts, thus protecting your credit.
Once the bankruptcy lawyer has advised you and given you the all necessary information and presented you with the best course of action, your next step will be to negotiate with your creditors. Under the advice of the bankruptcy attorney, you will work out a plan with your creditors to settle your debts so that you are able to pay them off and continue working. Your attorney will gather all of your creditors’ information and work with your creditors to come up with an affordable monthly payment that you can afford. After the plan is established, you and your creditors will have an agreeable agreement upon which you will pay the creditors in full and clear your debt.