If your business has struggled thanks to the coronavirus pandemic, declining sales, and other factors frustratingly outside of your control, you’ve probably at least toyed with the idea of speaking with an expert bankruptcy attorney about filing for business bankruptcy.
Business bankruptcy is quite different from a personal bankruptcy, although both are legal processes for which you’ll want the best available representation. To find the best bankruptcy attorney for your business, follow these vital tips.
1. Don’t Put Off Talking To A Debt Relief Lawyer
You do not need to be a financial expert to know when your business is in trouble. Instead of waiting in hopes that your situation gets better, it’s best to gather your financial information and contact a bankruptcy attorney for a consultation to determine whether or not filing for business bankruptcy is the appropriate step for you.
2. Consider All The Debt-Relief Attorneys In Your Area
Because consultations are generally free, it behooves you to get input from multiple debt-relief lawyers, especially if you are uncertain about filing for a bankruptcy. It’s important to differentiate between an attorney who has represented bankruptcy cases and a full-service debt-relief attorney with expertise in bankruptcies, debt settlement, and tax resolution. You want the latter.
3. Don’t Feel Too Badly About Filing For Bankruptcy
Business bankruptcies are very common, with nearly 25,000 business owners filing for it per year in the United States. While it may be embarrassing to admit that bankruptcy is on the table, and it may be hard to come to terms with at first, bankruptcy is nothing to be ashamed of; if anything, filing means you are paying attention to your finances and seeking to improve yourself for the future.
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4. Read Testimonials Before Hiring A Lawyer
The internet makes it so easy to find out what other people are saying about local businesses in your area. The same goes for what people are saying about local bankruptcy attorneys. Read testimonials on Google, Yelp, or other similar websites to get an idea of what you might expect from one of these attorneys. You can avoid the ones that haven’t received good reviews or don’t have a history of positive outcomes for their clients.
5. Ask For Hourly Rates And Total Cost of Representation
A bankruptcy attorney with a long history of handling client bankruptcies can tell you upfront how much you could expect to pay for their services. At the very least, they can extend an estimate of how many hours they intend to work on your case and how much per hour they charge for their services. Cost of representation should be one thing you consider before choosing an attorney – but price doesn’t always indicate the service quality you’ll receive.
6. Be Proactive About Following Up With Your Attorney
A good Denver bankruptcy attorney will keep you up-to-date on all the goings-on of your case, including when you may be expected in court, or when paperwork filings are due. If you ever have any questions, it’s your job to follow up with your attorney and complete the documents they ask you to complete on time. Without your full cooperation, your bankruptcy attorney cannot get the best possible outcome for you.
7. Listen Carefully And Take Notes As You Talk To Your Attorney
Even if you’re still in the attorney-selection process and receiving free consultations, now is the time to pay close attention to what they tell you, whether they’re making recommendations, or explaining the legal process of filing for bankruptcy. You can refer back to your notes if you have any questions.
8. Go With Your Gut
If you meet with an attorney, and you get a bad feeling, go with your gut! You should feel safe with and trust your debt-relief attorney because they represent your best interests during the bankruptcy process. If you aren’t comfortable with communicating with them, the lengthy journey you’re about to embark on – up to five years in some cases – will not be a pleasant one.
Filing for Business Bankruptcy
Remember that no one loves having to file for bankruptcy, but it becomes necessary when our financial situations are so dire and strained that we must take action. Living with no income, being unable to pay business bills, and losing clients are not sustainable over the long-term. Seek a better outcome by hiring the right debt-relief attorney for you, as soon as possible.