Why Hire a Business Bankruptcy Attorney?
When you are looking for a way out of debt, paying a lawyer may seem counter-intuitive. You may be able to find online instructions and guides, and the prospect of saving money by filing pro se (i.e. without a lawyer) may be more appealing than ever before.
In business bankruptcy, however, a simple mistake can lead to missed opportunities, limited rights, and a dismissed bankruptcy. While filing bankruptcy pro se is technically legal, the United States Court System and bar associations throughout the nation strongly discourage it—especially for Chapter 11, which is the most complex form of bankruptcy.
Chapter 11 is designed to give business owners the opportunity to financially restructure and, ultimately, continue running their business for years afterward. Without a thorough understanding of this process, however, many business owners fail to successfully file Chapter 11 and are forced to liquidate their business through Chapter 7 instead.
Navigating the Changing Landscape of Bankruptcy
One major benefit of retaining counsel during your business bankruptcy is guidance through ongoing legislative changes to the process.
In 2019, Congress passed the Small Business Reorganization Act, which added Subchapter V to Chapter 11 bankruptcy. This act went into effect in February of 2020 and significantly changed the bankruptcy process for small business debtors. Although the act provides a streamlined path for small businesses, knowing how to take full advantage of this path takes specialized knowledge and years of experience.
Navigating the ever-changing landscape of bankruptcy is particularly challenging because court employees and judges are prohibited from providing legal advice. If you want the best possible chance of protecting your assets, preserving ownership of your business, and building the foundations you need for a successful future, you will need professional and experienced support.
Why Fear Waddell, P.C.?
After handling more than a thousand bankruptcy cases, we are fully prepared to help you navigate any and all challenges that arise during your bankruptcy process. As Certified Bankruptcy Specialists by the State Bar of California, our team has the knowledge and resources your business needs for long-term growth and success.
When you retain our qualified counsel, we can help you:
- Decide which chapter to file
- Prepare and file all documentation
- Advocate for your business during meetings with creditors
- End harassment from creditors and debt collectors
- Understand your rights and responsibilities under bankruptcy law
If you are planning to file business bankruptcy, everything you have put into your business until this point is on the line. Whether you are experiencing financial adversity because of a simple mistake, an unforeseen disaster, or a turbulent economy, we want to help protect your livelihood and your legacy.
Board Certified Bankruptcy Attorneys
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1,000+ Bankruptcy Case Filings
Decades of Combined Legal Experience