The current global financial situation doesn’t seem to be improving now or any time soon. It seems pretty likely that the economy will continue deteriorating and with it, bringing down the fortunes and prospects of many. No wonder the rate at which people are being declared bankrupt continues to skyrocket over time. Filing for bankruptcy doesn’t necessarily have to translate into a hectic ordeal for you. No, in fact, filing for bankruptcy can at times be considered as a suave and shrewd move to save yourself so that you can live to fight for a financial breakthrough in another fiscal quarter. Here’s a detailed guide on when to hire bankruptcy lawyer Stoughton, MA.
Roles of Bankruptcy Attorneys
The type of attorney you hire and partner up with gets influenced by the nature of your case or situation. If your case involves mitigating your business from financial woes, then you’ll need to look for a commercial bankruptcy lawyer. These lawyers serve to protect your businesses during the grueling bankruptcy experience. Consult with certified attorneys and get excellent legal pointers on how you can request extra time to clear your creditor’s dues. On the other hand, there are the consumer bankruptcy attorneys who specialize in protecting you and your spouse from debtors. Additionally, this cadre of attorneys also helps you and your partner to draft up workable debt payment plans.
When should one look for a Qualified Bankruptcy Lawyer?
The tell-tale signs that you need to bring on board a bankruptcy attorney aren’t that hard to miss. The warning signs are often very clear, and they include:-
- When the cash accounts reserves get depleted
- The cheques keep bouncing
- When the business finds itself constantly unable to offset its bills
- When you get summoned before a judge for unpaid bills
It is crucial to note that consumer bankruptcy attorneys are of two types and these are the Chapter 7 and Chapter 11 lawyers. The latter experts are more adept at dealing with struggling businesses. Their timely input helps to streamline the financial outlook of the struggling companies. The lawyers have a profound understanding of debt restructuring and reorganization, and you’ll never again have to worry about property repossession and auctions emanating from bad, unresolved business debts.
Alternatively, the bankruptcy lawyer Stoughton, MA will guide you through the application process for a Chapter 11 bankruptcy. With this chapter, the attorneys help you and your business partners decide on how to dispose of any assets of value to settle the outstanding debts. Selling off your assets to repay the debts gives you a fresh start with your finances. The attorney’s fees are determined by several underlying factors, namely the type of bankruptcy filed. If you start noticing bankruptcy signs, consider getting in touch with registered bankruptcy lawyers and get to discuss the way out from your current financial quagmire. You’ll receive a proper financial audit and diagnosis for absolutely no cost.