There are different kinds of corporate bankruptcy. You need to hire a good corporate bankruptcy attorney to be able to navigate the minefield that is bankruptcy. You will be able to find a corporate bankruptcy attorney who works alone. Others are employed by firms and when you hire them you are essentially hiring the firm to be your legal corporate bankruptcy representative. Corporate bankruptcy attorneys who work in firms are generally more expensive than individual attorneys as they have more overheads. Sometimes, corporations have retainers with certain bankruptcy attorneys or firms on an ongoing basis even if they do not foresee bankruptcy in their future. This is to ensure that should the need for bankruptcy arise, the attorney is already familiar with the background of the corporation.
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Bankruptcy is one of the most complicated areas of the law. As a result, there are federal laws that stipulate that businesses and corporations cannot file for bankruptcy without the services of corporate bankruptcy attorneys. There are many things which the corporate bankruptcy attorney has to deal with when filing for bankruptcy on behalf of a corporation. Some of these include real estate law, corporate law, tax law, contract law and obviously bankruptcy laws as well. For example, real estate laws come into play if the corporation that is filing for bankruptcy possesses real estate assets (whether paid off or not).
Part of the role of the corporate bankruptcy attorney is to ensure that the debtor is protected from the creditor under these and other laws. A good bankruptcy lawyer will be able to do so in a manner that is reinforced by the courts. If anything is done incorrectly by the corporation that is filing for bankruptcy (or its attorney), the corporation could be penalized by the court, which could result in the corporation becoming even more vulnerable to its creditors than before the case was filed. This is why it is imperative that corporations hire experienced corporate bankruptcy attorneys, and not those that have just completed their training.
A bankruptcy attorney will be able to successfully file a corporation's bankruptcy case to enable the corporation to pay off its debts, but still be able to continue operating its business. This will enable the corporation to make profits and be able to pay off its debts according to the plan that was agreed to during the bankruptcy proceedings.
A corporation has to hire a good bankruptcy attorney because the creditors have rights too. Obviously, the creditors will do their utmost to protect their rights. They will fight to have what is owed to them repaid by the corporation. If their debtors cannot repay them they too will suffer financially and they also may have to file for bankruptcy as a result. It is the role of the courts during the bankruptcy proceedings to ensure that the rights of both parties are to be protected and a favorable solution is found. However, if a corporation does not hire the services of this lawyer, the creditor's legal counsel may be able to sway the courts into reaching a decision that is more favourable for the creditor than the corporation.
When filing for bankruptcy, the corporation and its attorney should be able to be in a position to persuade the court to make a decision in the corporation's favor. This can be done if the corporation submits a plan to repay the debts that it owes to its creditors. This is another area in which the corporate bankruptcy attorney can assist. They have experience in this field and so they will be able to predict what kinds of plans will be accepted by the courts to ensure that the proceedings go as smoothly as possible.
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