Business Bankruptcy Attorney

By: EconomyWatch Content   Date: 1 December 2009

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Companies have designated lawyers to represent them in the Company Law cases. However, hiring a specialized business bankruptcy attorney saves both time and money. Moreover, a specialized lawyer also increases the odds of gaining the desired benefits after filing bankruptcy petition. 

Why Hire a Business Bankruptcy Attorney?

Hiring a business bankruptcy attorney is a must as insolvency laws are complex as well as stringent. Non-adherence to standard laws and procedures can force the court to reject your bankruptcy petition. A bankruptcy attorney also performs following functions:

  • Consults on legal issues.

  • Prepares documents for petition filing.

  • Meet creditors to approve debt reorganization plan under Chapter 11.

  • Suggests alternative routes to filing bankruptcy.

Selecting Business Bankruptcy Attorney: Checklist

Most companies begin to hire a business bankruptcy attorney from the scratch. The fees charged by an attorney remain the deciding factor for the selection. However, there are several other factors which a company should consider while hiring a bankruptcy attorney. During initial stage of selection a company considers several lawyers in the region. The initial process is aimed at preparing a list of potential lawyers who meet company’s requirements.

At this stage a company should consider following factors:

  • Visit the law firm or individual lawyer’s website.

  • Study the website thoroughly for information about their existing and previous clients.

  • Search the Internet for additional information about the law firm such as reviews and testimonials from satisfied clients.

  • Contact the local bar association to find whether the law firm is in good standing.

  • Consider special needs, such as language.

After initial process, the company management scrutinizes potential law firms with the aim of recruiting one for the case. Here, one should consider following reference points:

  • Does the law firm have enough experience to handle your case?

  • Is it possible to approach the lawyer any time?

  • Does the law firm offers consultation or is it just a paper processing company?

  • Does the law firm integrate into the client company’s management line?

With this checklist, a company can hire an efficient business bankruptcy lawyer. However, the client company has to provide all the essential details to the attorney to ensure success in the case.


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