Commercial bankruptcy attorneys can help you file for federal bankruptcy protection for your company, while personal bankruptcy lawyers may assist you file for bankruptcy protection for yourself or with a spouse or other family member. If your assets are worth less than the amount of debt you owe on your company loans and credit card bills, you may be eligible to file for bankruptcy protection from creditors. If you can’t pay your creditors in full, you’ll negotiate with them to settle for a lesser total sum owed to you. Bankruptcy Lawyer – The Law Office of Robert C. Hahn, III, P.S. is one of the authority sites on this topic. You’ll also have to sell part of your assets to pay off any existing loans or debt, but the total amount due will still be less than what you owe.
Before you begin working on the bankruptcy petition, you should check to see whether your state has any required licence costs for representation. All lawyers are obliged by federal law to get pre-filing instruction and to complete continuing education courses as mandated by the American Bar Association. These courses and educational seminars will educate you how to correctly fill out bankruptcy petition forms and stay current on changes to the bankruptcy code and regulations. While there are no state-mandated costs for a bankruptcy attorney, most state laws demand an upfront charge for filing the petition and a per-minute fee for their services throughout the bankruptcy process.
Instead of entrusting the issue to a paralegal, hiring a bankruptcy lawyer may result in lower costs and a quicker and more effective filing procedure. Paralegals are attorneys who, rather than filling out papers as they are written, offer their own verbal interpretations based on previous experience with similar situations. They usually deal with small disputes and are seldom engaged in bigger legal issues such as bankruptcy negotiations. They usually charge a fixed fee for their services and are paid a portion of any money recovered from the estate of a debtor. This means they’ll be able to collect much more money from the debtor than a bankruptcy lawyer would, and their hourly fees will be far cheaper.