A business bankruptcy attorney is an absolute necessity when filing for bankruptcy on an individual business. The filing may appear to be a simple process of merely filing the forms and the cases look relatively easy once they finally proceed into a formal court of law. The truth is that all of the preparatory work must be completed in an efficient and accurate manner.
Anyone with a CPA or CFA that counsels the business on a regular basis needs to at least have discussed business operations with an experienced and effective business bankruptcy attorney well before any bankruptcy claim. There are steps a business can take in standard operation that help protect from a need for filing a claim.
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A prime example this type of protection is proper assessment of assets and liabilities. Make sure that all company property is company property and not mixed with personal property. Ineffective operations or classification can lead to lost property in the settlement for unincorporated ventures.
Liquidating a company is also not as simple as it sounds. Any potential bankruptcy claim may just appear to be a civil proceeding, but liquidation involves negotiation. All creditors will be attempting to recover any compensation they can claim and this is often highly contentious. Additionally, depending on resources and income capacity, a judge or magistrate can order repayment. All debts cannot be retired by bankruptcy, such as student loans. Settlements with the creditor can be a positive in many cases.
There are also different forms of bankruptcy and everyone is not qualified for all forms. Bankruptcy laws differ from state to state. Make sure that the attorney retained is certified within the state and is a bankruptcy specialist. A highly qualified bankruptcy attorney will be aware of the laws in the particular state and will know how to direct the client with regard to legal disposition of property and manners of protecting that asset. The object is to dismiss liabilities and keep as much asset as possible.
Saving assets can often help cover the expense of retaining a business bankruptcy attorney, especially when classification is considered in daily business operations while the business is financially healthy. Company protection and thinking ahead are important. That is why conferring with an attorney even at a start-up is always a good idea and should be part of any business venture feasibility study.
Hiring a business bankruptcy attorney can seem prohibitive because of the expense of legal fees and often it is out of the question if the filing is a last chance effort to stabilize the company or remove the debt requirement. The proceedings in bankruptcy are final and any information listed incorrectly will be appropriated according to the official paperwork regardless of filing mistakes or omissions. Hiring an attorney is always the best way to proceed.
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