Corporate Bankruptcy AttorneyMany times when a company is facing financial hardships the company enlists the services of a corporate bankruptcy attorney. However, it can be a difficult decision for companies to decide to file a petition for bankruptcy. Filing for bankruptcy can also be a complicated decision. There are several issues that must be considered. For example, will the court order assets to be liquidated or will the courts order the debts to be reorganized so the management can remain at the company?

Business owners should be familiar with local law firms that provide this service so they can work with a qualified corporate bankruptcy attorney. The attorney should be able to properly represent the company’s needs and interests to the bankruptcy court. Bankruptcy petitions are extremely complex. It is critical that business owners hire a knowledgeable attorney who can help them navigate the legal process.

The Corporate Bankruptcy Filing Process

During the filing of the bankruptcy petition, a corporate bankruptcy lawyer must be familiar with several types of law including:

  • Tax law
  • Real estate law
  • Contract law
  • Corporate law

If a company owns property or other assets, the attorney must work diligently to preserve these assets. After the company has filed for creditor protection in the court, the courts administers a protection order from the company’s creditors. However, it is important that the attorney fills out the paperwork correctly to avoid the court rejecting it. If the court rejects a petition, it is possible that the company will be subjected to further action by creditors.

While a company is going through the bankruptcy process, the company continues with its daily business activities. The company also creates a plan to take care of the accumulated debt. If sales decline, the mountain of debts may become too much for the company to overcome.

The Benefits of Hiring a Corporate Bankruptcy Attorney

Some of the benefits of hiring an attorney when your business is dealing with financial issues are that the attorney:

  • Assists business owners with alternatives to bankruptcy filings such as restructuring debt
  • Handles negotiations between business owners and creditors
  • Handles all phone calls from creditors

A corporate bankruptcy attorney can help business owners make the right financial decisions when their businesses are facing challenges. Laws vary by state so make sure you find a competent attorney in your area that is knowledgeable in the differences.

The Douglas Jacobson Law Firm works very closely with clients to seek solutions that are long term and beneficial. Contact us today for a free consultation.