Have You Considered Studying Bankruptcy As Your Profession

Here are some institutions that could help you to one day assist those in financial need.

The American Bankruptcy Institute offers lawyers and financial professionals a wealth of knowledge when it comes to growing trends in bankruptcy, the reasons for bankruptcy, and any changes in the laws that the public–and attorneys–will need to know in order to make the bankruptcy process as successful as possible.

There Are Online Courses Available

There are also online classes that you may be able to take advantage of as bankruptcy professional, so that you can assist your clients effectively when it comes to explaining the difference between Chapter 7 and Chapter 13 bankruptcy, or helping a client choose Chapter 11 over Chapter 13 bankruptcy.

Lenders and appraisers are a part of this organization, which means that when you file for bankruptcy, you may be dealing with a creditor who is more likely to work with your financial situation knowledgeably.

Bankruptcy judges belong to the American Bankruptcy Institute as well, which means these legal professionals are committed to staying up to date on financial changes in the nation in order to better serve you.

Once you have filed for bankruptcy, or even if you are seriously considering it, you can go to bankruptcy school as well, so that you can learn the skills that will be necessary for you to repair your finances.

The classes will teach you how to set both short term and long term goals for yourself, how to keep organized financial records, and how to make sure you have sufficient insurance coverage, which could save you a considerable amount of money in the future.

You Will Learn How To Use Credit Wisely

Using your credit wisely is another lesson learned in bankruptcy school, so that you can distinguish between your needs and your wants, and avoid creating additional debt for yourself.

You can take these bankruptcy classes online, or in person depending on how you think you will learn best. There is a fee to enroll, but it is usually affordable (around $30 or so).

If both you and your attorney have been to bankruptcy school, it is likely that you will have all the necessary tools to file successfully, and to secure your financial future by adhering to your payment schedule and learning how to save money as well as spend wisely.

If you want to know how to enroll in bankruptcy school as an attorney or citizen in need of financial advice then their are many resources online you can use.

Posted in Uncategorized | Tagged , , , | Comments Off on Have You Considered Studying Bankruptcy As Your Profession

Why Businesses Need a Bankruptcy Attorney When Filing Chapter 11

Though some businesses that have difficulty meeting their financial obligations opt to file a bankruptcy to liquidate their assets and close the doors – called a Chapter 7 bankruptcy – other businesses decide to remain operating, and thus pursue a bankruptcy allowing them to reorganize their debts – called a Chapter 11 bankruptcy. Though a Chapter 7 is not as simple as putting a “For Sale” sign on the business’ front door, a Chapter 11 is much more complex. Thus, it is very important for a business that pursues Chapter 11 to have an attorney skilled in its complexities. This article gives just some reasons for such.

One reason a business needs a highly skilled Chapter 11 attorney is because its executive should get a confirmation from the lawyer that Chapter 11 is a good route to pursue. The executive needs to discuss business’ debts, assets, and income with the lawyer in some detail. They will also discuss the executive’s ideas about reorganizing the business to remain afloat. After getting this information, a Chapter 11 bankruptcy attorney can confirm that reorganization is reasonable or he can explain the reasons that it is not a good option. Going to a general practitioner for this advice would be akin to a person seeking a divorce through a criminal lawyer.

Another reason that consulting a skilled Chapter 11 attorney is important is that the businesses’ debts have to be classified and it has to propose a plan of reorganization to cure its financial problems. Typically, the reorganization plan cannot exceed five years. To be accepted by the bankruptcy court, the reorganization plan must be approved by the creditors. Often, to obtain approval quite a bit of negotiation is required and it is best done by an attorney who has been through the process before and knows the intricacies of the law.

Equally important, though filing a Chapter 11 results in an automatic stay which protects the business’ assets from creditor action, it is common for creditors to request that the bankruptcy court “lift the stay” and permit them to do such things as foreclose on property and otherwise seize assets. To ensure that you have the best advocate to counter these attacks, it is necessary to obtain an attorney with extensive experience in Chapter 11 bankruptcies.

Sometimes the bankruptcy court will appoint a U.S. Trustee to oversee the business’ reorganization and to check whether the business is in compliance with the reorganization plan; a skilled lawyer will be needed to work with the trustee to ensure that his oversight is not disruptive to the business’ interests. These are just a few of the reasons that an experienced Chapter 11 attorney should be retained.

Posted in Uncategorized | Tagged , , , , | Comments Off on Why Businesses Need a Bankruptcy Attorney When Filing Chapter 11