There’s nothing certain when you’re running a business. At one point, you’re at the top of your game. After enjoying some success, the next thing you know, you’re sales are already dwindling down and you’re on the verge of filing a bankruptcy.
lawyers Fairfax VA can relate how such a turn of events can be too overwhelming. Once you’ve made up your mind that you’ll file for bankruptcy, a lawyer specializing in this area is one, if not the most important person you need to hire.
What is Bankruptcy
When doing business, it is inevitable to acquire debts or loans to help finance your operations. Bankruptcy is the legal term that refers to a situation wherein an individual or a corporation becomes incapable of repaying their outstanding debts.
The filing of bankruptcy is a rather time-consuming process. It commences with the debtor filing for a petition. Then, the assets of the debtor are evaluated and assessed to determine if these can be used to repay debts.
Typically, bankruptcy is handled through a federal court. But there are also cases when it is handled by a trustee. Though there are more intricacies involved in the process, bankruptcy is actually beneficial to the business sector as it helps individuals and corporations start anew — debtors are given the options to repay or be forgiven by creditors.
The Importance of Bankruptcy Lawyers
For corporations and groups, declaring bankruptcy is done through bankruptcy lawyers Fairfax VA. If the involved party is an individual, he or she is allowed to represent himself or herself during the proceedings. Nonetheless, as the whole process requires a great extent of legal knowledge, it is recommended that individuals should seek help from experienced attorneys.
Here are some ways how these lawyers can be of help:
Evaluating and assessing all options possible
Your business has gone bankrupt and creditors are calling you non-stop. It’s definitely a stressful time for you. A legal expert can help you understand the situation you are in and the extent of its complication. He or she will also present to you what are your options as well as their advantages and disadvantages.
Informing you about what you need to anticipate
For ordinary men, the law can be utterly overwhelming and confusing. Apart from what is already at hand, there are several issues that may arise. A lawyer has the knowledge to convey things you need to anticipate and be aware of throughout the process of clearing out your debts.
Guaranteeing you a successful filing
The process of filing itself is a tedious one. You’d need to fill out forms and prepare pertinent documents. Bankruptcy lawyers Fairfax VA are taught and trained to do paperwork efficiently. You need to work closely together to ensure that everything contains accurate information.
Bear in mind that when you miss the deadline of submitting important papers, there will be a delay in the overall process, or worse, your case will be dismissed.
Representing you at hearings
Filing for bankruptcy is just part of the process. After this is done, debtors are required to attend a series of hearings. If you have an attorney, he or she can represent you — especially in additional motion or objection hearings.
The Bolger Law Firm consists of the most trusted and respected lawyers Fairfax VA. Need legal representation? Contact us today!