Corporate Bankruptcy Law Attorney
As the corporate bankruptcy attorney droned on and on in legalese only a fellow barrister could understand, a few of the remaining workers from the once giant corporation sat in the back of the courtroom in silence. Most of them were older and hadn't been able to find jobs after the only place they had ever worked suddenly went belly up after some illegal financial business mergers had come to light in recent months, causing share holders to dump all the company 's publically held stock for about three pennies on the dollar. Included in the loss were all pension and retirement programs. There would be no retirement in Florida, no quarterly trips to visit the grandkids, and social security was not looking at all secure. It was as if these workers had been asleep peacefully aboard a comfortable houseboat, lazily drifting down a river, when suddenly there was a forty foot waterfall that no one knew was there. A rude and sudden awakening would be an understatement.
A business bankruptcy lawyer presides over broken dreams, heartaches and most of the time, great sadness. What had been, what could have been, and what is now reality is a human drama acted out in the often bleak, stark and clinical halls of liquidation courts across the country. The corporate bankruptcy attorney is the surgeon, cutting out as much pain for the owners and employees as possible. But of course, the bottom line is to get the patient out the door and on to the rest of his/her life, in this case, the people of the corporation, and that often means some very painful post-operative experiences for all. In order to do that, the business bankruptcy lawyer must be business-like and perhaps somewhat detached from the human loss in such a business transaction.
Bankruptcy is basically a legal admission that an individual or business cannot pay the creditors that are owed. The corporate bankruptcy attorney has three basic options when filing for a client. The first is chapter seven bankruptcy, and this is the total liquidation of all assets. The second option is chapter eleven where a company or an individual reorganizes in order to remain in business. This means that the debt structure of the company is reallocated so that payments are lower and the business can continue operation. The third option for a business bankruptcy attorney to consider is chapter thirteen. This is a plan similar to chapter eleven with some additional caveats, including a debt counseling requirement.
"And forgive us our debts, as we forgive our debtors." (Matthew 6:12) The training that is required in law school for these legal surgeons is astounding. Listen to the litany of classes to be covered in law school year one for the one specializing in corporate law. Classes on contracts, corporation and other business organizations, the realm of intellectual property including trademarks, patents, trade secrets and rights of publicity. In addition, there are classes on antitrust laws, secured transactions and understanding commercial paper, which is a money market security issued by large banks and corporations. Also, classes on income taxes, pensions and benefits, trusts and estates, immigration law, labor law, employment law and bankruptcy. While a corporate bankruptcy attorney may have some general knowledge in a number of areas, his or her expertise will be in the areas most pertinent to bankruptcy proceedings.
The men and women who may act on behalf of a corporation or a small business are usually paid well, and may have different fee arrangements. For instance, the business bankruptcy attorney may, in some instance, charge a flat fee for small legal documents such as basic filing for protection. The corporate attorney may also ask to be paid by the hour. Many legal practitioners will also bill for percentages of an hour spent doing things as phone conversations on the client's behalf, time going over the case, research on the case, filing, copying and other details. In many cases, a barrister may be put on retainer which means money paid up front as a down payment on future legal representation that may come up, and that also means that the legal practitioner agrees to be available any time the client needs representation. Finally, an attorney may be paid on contingency, meaning that on depending on the outcome of the legal case and on the financial settlement, the barrister will take a percentage of the judgment. It is more likely that a business bankruptcy lawyer will work on an hourly basis, with many of the most successful being retained by both individuals and corporations who want the security of knowing instant attention will be given at a moment's notice.
Those wishing to be a business bankruptcy lawyer or a corporate bankruptcy attorney must possess a number of innate skills to be successful. It is not a surprise that the test one must take to even get into law school is all about reasoning. Due to the highly complex cases that these legal practitioners must often face, being able to figure out ways to get out of complex situations or figuring out a reasonable compromise or knowing when to cut and run is of an absolute necessity. But there are plenty of attorneys that are extremely knowledgeable of the law and would love to keep practicing law except for having to work with people. Having a good personality and the ability to get along with all sorts of quirky people is high on the list of important assets a barrister must possess.
Bankruptcy LawyersA bankruptcy attorney can be very helpful when it comes to sorting through oftentimes complicated mountains of paperwork that is associated with any type of bankruptcies. Filing for individual or business bankruptcies can both demand technical, legal advice in order to insure proper filings and favorable court proceedings. In some cases, individuals may choose to conduct their own filing, but in most cases it is advisable to secure the services of a reputable bankruptcy lawyer who is knowledgeable in all matters pertaining to current laws, court procedures and required dispensation of judgments.
There are several avenues to take when searching for the right bankruptcy attorney for personal or business concerns. Keep in mind that choosing among many bankruptcy lawyers is not apples and oranges because of the specialized areas that must be covered in so many legal matters. There are attorneys who are specialists in any number of fields and just any lawyer will not be up to speed in legal matters concerning bankruptcies. When the field is narrowed down to bankruptcy lawyers, not all are specialized in every particular legal filing. There are personal and business attorneys who have spent years in fine tuning their skills and it is always best to choose among those who have wide training and experience in the particular area of your concern.
One of the best places to start when searching for a bankruptcy attorney is through word of mouth recommendations. An enthusiastic recommendation from a satisfied client is the best recommendation of all. "God is our refuge and strength, a very present help in trouble." (Psalm 46:1) Colleagues, friends, family and acquaintances can all be helpful in finding the right legal expert. The next place to look is in the local yellow pages and advertisement sections of newspapers for a listing of legal offices. These can provide phone numbers and addresses of local attorneys who may specialize in a certain area. The state and national agencies will also list attorneys who are qualified to practice law in certain areas.
Online sources provide a growing list of competitive law firms that offer competent, reputable bankruptcy lawyers who are experienced and professional. In order to confirm the competency of any law firm or individual legal expert, the American Bar Association can be checked for qualifications and any complaints lodged against a prospective lawyer. Emails and toll free numbers are often supplied at online sites for initial contacts which make it easy to check several before initiating a follow up visit. There is also a mammoth amount of material provided through online sources that can provide further information on legal matters pertaining to bankruptcies which can assist anyone in making good decisions before, during and after a filing.
After finding at least two attorneys that may be prospective legal experts, set up an appointment to discuss the particular case. Many times a face to face meeting will further confirm or eliminate a prospective legal advisor. As is the case in all matters, sometimes the personality or temperament of a client and professional legal counselor does not mesh. In this case, it is best to move on to a bankruptcy attorney who can provide proper legal counsel with a personal touch. Bankruptcies can be grueling, stressful and devastating to individuals or businesses on the personal level and choosing a legal expert who can help wade through the murky waters can be of extreme importance in adding stability and assurance to a client.
When a potential legal advisor has been narrowed down according to a client's liking, make sure to request comprehensive information regarding all fees, charges and payment plans that may be applicable to the case. Bankruptcy lawyers are well aware that their fees are generally not paid until after proceedings are concluded and that the court must approve the legal fees required of those who claim bankruptcy. Also, be thorough in requesting a projected legal plan and the services that will be provided by any lawyer. Misunderstandings can occur so always get everything in writing before contracting with any legal counsel just to be on the safe side. Those who find it necessary to file for bankruptcy certainly do not need the added strain of nebulous legal counsel and misunderstandings in communication.
Retaining the services of a bankruptcy attorney can be the best or worst decision made during the traumatic process of bankruptcies. Good bankruptcy lawyers can guide a frazzled client through the process and make sure that they remain on some solid footing for future recovery. Bad legal counsel can further plunge an unsuspecting client into chaos by overcharging for services and underachieving the most productive settlement for their case. During the initial consultation for any lawyer, be sure to bring all relevant material to your case so that a preliminary assessment can be accurately made before making the final decision on which legal counsel to hire. Full disclosure of any case is important in giving a legal expert the right elements for a particular case.