Guide to Bankruptcy Attorney

If you think that a bankruptcy attorney just deals with bankruptcy cases, then you are mistaken. There are actually two types of bankruptcy lawyers: commercial bankruptcy lawyers who can help you legally file for bankruptcy if your company is bankrupt, and debt settlement lawyers who can help you get out of debt as well. These two types of lawyers have completely different focuses, but can be very helpful to you if you find yourself in a difficult financial situation. Commercial bankruptcy lawyers represent companies and corporations, whereas debt settlement lawyers deal with individual clients. Read on to learn more about these different types of bankruptcy lawyers and which one may suit your needs best. Our website provides info on Richard M. Weaver Bankruptcy Attorney
Commercial Bankruptcy Attorney: If you are a business owner, then you probably already know that filing for bankruptcy can affect your ability to get a loan or credit from a lending institution. To avoid this, hiring a commercial bankruptcy attorney can give you the knowledge you need to make the right decisions, so that you do not have to face the consequences of bad debts. If you own a small business that recently has suffered major losses, then you should hire a lawyer to help represent you before the trustee sells off your business’s assets. The lawyer can help you work out a payment plan with the trustee that you and your creditors can work with so that you can pay off your debts without having to sell your business.
Debt Settlement Lawyer: A debt settlement lawyer is usually employed by larger creditors who want to settle with their customers who cannot pay off their debts in full. This type of bankruptcy attorney may not actually deal with the bankruptcy process itself, but they can help you work out an agreement between you and your creditors that will allow both sides to get their money back. Many times, the creditors will agree to settle for a smaller amount than what you actually owe, allowing you to pay it over time so that you don’t have to worry about losing everything. Your bankruptcy attorney may also be able to negotiate with the bank for you to receive a better interest rate or lower monthly payments.