You will have to declare bankruptcy if you’re facing financial hardships. The process may be complicated, but if you contact Benner and Weinkauf – Taunton Office, you will be working with one of Massachusetts’s best bankruptcy attorneys. The attorney will help you as you go through all the steps required when filing for bankruptcy.
In this article, you will understand the whole process.
What is the Job of a Bankruptcy Attorney?
For bankruptcy attorneys, there are two types: consumer and commercial bankruptcy attorneys. Consumer bankruptcy attorneys will help you and your spouse file for bankruptcy while commercial attorneys will assist you in declaring your business bankrupt.
Commercial lawyers will help you protect your company from hostile creditors when you choose to file for bankruptcy. You will clear all the unpaid loans and still have time to reorganize the business. These lawyers tend to deal with Chapter 7 and Chapter 11 bankruptcy cases.
In the meantime, consumer bankruptcy attorneys will help you and your spouse deal with the creditors, clear loans, and set up a reasonable payment plan. You won’t have to worry about the bankruptcy case. They will handle Chapter 7 and Chapter 13 cases.
Do I Need to Work with a Bankruptcy Lawyer?
The apparent circumstances that will require you to reach out to a commercial or consumer bankruptcy attorney are as follows:
- Unable to pay bills.
- Dealing with regular calls from hostile debt collectors or creditors.
- If you don’t know how to deal with piling debt.
- Fewer cash flows.
- Bounced checks.
- Court representation.
If you have a business that is not doing well economically, you should consult a Chapter 11 bankruptcy attorney. The lawyer will assist you in getting enough time to get your business operating and clear unpaid debts. Still, if you have to shut down the company, talk to a Chapter 7 bankruptcy lawyer. The attorney will give the creditor the business, and eventually, the debt will be cleared.
If you choose to file for bankruptcy, you should work with a Chapter 7 bankruptcy lawyer if you find it challenging to pay the debt. Your life will be given a new start, and some of your assets will be returned. A Chapter 13 bankruptcy attorney will assist you in ensuring the debts are paid with the best payment plan offered by creditors.
Filing Bankruptcy
If you are alone, you will not be required to work with a lawyer, but businesses and partnerships will work with one. Given the complicated nature of filing bankruptcy, you need to work with a bankruptcy attorney who will help you.
How Much Will I Pay to a Bankruptcy Attorney?
Usually, most bankruptcy attorneys will get paid hourly or request a retainer. The retainer will be the fee paid early and then be paid to the attorney later. The rates will differ depending on the circumstance and other crucial factors. Always make sure you consult with the attorney about the fees before anything. Some firms will claim to reduce unpaid debt, but you initially pay more than you owed. But when you work with a bankruptcy attorney, he or she will try and clear the debt without causing more problems.
Benefits of Working with a Bankruptcy Attorney
Whichever bankruptcy type you decide to file, the debt will be restructured, cleared, or lowered. Most creditors will want to get a smaller sum of the money than nothing at all. So, they are ready to discuss payment plans. If you file for consumer bankruptcy, you might lose valuable possessions, and if you register for commercial bankruptcy, your business will be lost. That’s why you need to talk to a bankruptcy attorney who will help assess the situation and advise accordingly on what type to file. Also, they will help throughout the process.
A professional bankruptcy lawyer will raise the chances of acceptance. It is common to find someone filing for bankruptcy, even if the individual chooses to work with an attorney or not. However, the chances of being accepted will increase if you speak to a lawyer. There will be a lot of documents involved. Just like the usual court trial, if the paperwork is not handled correctly, you will be denied. The bankruptcy lawyer will help you deal with all the paperwork, and the process may be successful. He or she has a vast knowledge of bankruptcy law, and the filing may be successful. Work with an experienced bankruptcy attorney so that the process can be straightforward without problems.