Most attorneys are required to become licensed by the state that they practice in. These lawyers, as with other professionals such as physicians, accountants, architects, and stock brokers, must pass an exam to be eligible for licensing. This exam varies from state to state, but is generally written on the same exam as the bar exam. In addition to becoming licensed, most lawyers must be approved by a board of examiners prior to practicing.
Bankruptcy attorneys protect your company from financial creditors when you're in a bankruptcy filing. They can also aid you in securing loans, obtain time to restructure and reorganize your business, and file an appropriate petition to the court. They typically include Chapter 11 and Chapter 13 lawyers (more details on these options at the end of this article). If you're thinking about filing for bankruptcy, you'll need an experienced bankruptcy attorney who has experience handling cases similar to yours.
There are a few things that you should look for in a bankruptcy attorney. First, the attorney should not only be licensed to practice law, but should also have a high quality education and certification. It's important to note that some states require an advanced degree or other accreditation before they will approve a license. Additionally, you want to find an attorney who has a good amount of experience handling bankruptcy cases. If they've never filed a bankruptcy case before, you may want to hire someone with experience to represent you.
Once you've chosen your lawyer's experience and education, it's time to determine how much you want to pay. You'll need to determine how much debt your company is facing and how much debt your personal finances are facing. To start, figure out how much is owed to the three major credit reporting agencies, Equifax, Experian, and Trans Union. Include any loans and mortgages you have. Include any tax liens as well. Include all personal assets, such as stocks, bank accounts, retirement accounts, and life insurance policies. Include all business assets, such as rental income from real estate, cash investments, stocks, and shares, and bonds, etc.
Next, figure out how much your company owes and the total debt. For the most part, most businesses will have more than one loan or mortgage. This is not an issue that a bankruptcy attorney can help with, but can definitely be handled by you or a third party. Consult with a financial planner if necessary. Then you can determine the best way to combine debt repayment plans.
After the debts are paid and your company is back on track, then you can work on the best ways to set up your financial management plans. An attorney can advise you on how to make timely payments to creditors and maintain your credit.