Chapter 7 Lawyer: Helping You To File A Case

When a business is in financial trouble it doesn't mean that they have to close the door and auction off their property to the highest bidder. There are bankruptcy laws out there that can help you keep your business while getting out of debt. What you need is a legal representative well versed in these laws; you need a Chapter 7 lawyer.

Many people don't understand bankruptcy laws well enough to know how to handle this type of financial issue. When it comes to reorganizing your business you need an advocate that will ensure that you get what you need. There are many steps to reorganization such as this and it is not something that can be done alone.

A qualified Chapter 7 lawyer will put your interests first. You want to save you business from going under but you can't make your monthly payments to your creditors. Your attorney will file all the necessary paperwork to keep you in business while changes are made. One part of the process will be to appoint a trustee to oversee the distribution of assets during this time. The trusty will be appointed on behalf of your creditors, not you but your attorney will be there advocating to the judge in charge of forming the committee so that you get a fair shake. This selling of assets and distributing to your creditors doesn't mean that you will lose your business. If you have a large business you might lose a portion of it in order to keep your business afloat.

There will be many pieces of paperwork that has to be filled out correctly in order to keep your business going and settle you debts. Your attorney will help you to ensure that things will be filed on time and properly filled out. You don't want the judge to reject your reorganization plan because you missed a deadline or forgot to fill out a line.

Individuals can also benefit from a Chapter 7 lawyer. In this case your lawyer can help you to file the appropriate paperwork to keep your home, cars, and other exempt properties. If you still have a lien on these properties you will still have them in place.

No matter if you are an individual or a business, you should look carefully for a Chapter 7 lawyer. Do make sure you speak to a legal representative before picking them to represent you. Your attorney should be up front about all his costs, fees, and requirements for this type of bankruptcy. Not everyone will qualify to file, and not everything can be considered exempt. Your attorney should also be honest with you about the length of time this type of bankruptcy will stay on your record.