The many pressures that are caused by financial hardship may at times necessitate a person or a company to declare bankruptcy. Unfortunately, this type of legal process is very complicated and it is important to file for bankruptcy using the right legal category. A bankruptcy attorney Irvine CA will be able to help you with this process by guiding you through the various steps required. At this point of the article you may be asking yourself, what exactly does a bankruptcy attorney Irvine CA do?
This is an excellent question because there are basically 2 different types of bankruptcy attorneys. A commercial bankruptcy attorney is someone who will provide you with important legal knowledge so that you can file for bankruptcy for your business. On the other hand, a consumer bankruptcy attorney is someone who will provide you with important legal knowledge so that you can file for bankruptcy for your spouse or yourself.
A commercial bankruptcy attorney can protect your business from the constant hounding of creditors as you proceed through a bankruptcy filing procedure. They will also be able to help you restructure or clear loans while at the same time providing you with the necessary time to get your business affairs in order. A commercial bankruptcy attorney will be able to handle either a Chapter 7 or a Chapter 11 bankruptcy.
A consumer bankruptcy attorney will also be beneficial to assist you or your spouse as you proceed through a bankruptcy filing procedure. They will help you to clear up any debt, deal with creditors, and set up future payment plans. A consumer bankruptcy attorney has the knowledge to deal with Chapter 7 and Chapter 13 bankruptcies.
Why You Need A Bankruptcy Attorney in Irvine CA
Another question that you may be having at this juncture of the article is whether you need a bankruptcy attorney or not? How will you know? Basically, the signs are the same for both a commercial or a consumer bankruptcy. Some of the signs to look out for include bounced checks, no cash flow, unable to pay your bills, continual calls from debt collectors and creditors, uncertainty on what to do about increasing debt, and a need for legal representation.
If you feel that your business is struggling then it may be appropriate to retain the services of a Chapter 11 bankruptcy attorney Irvine CA. A qualified attorney will be able to assist you as you reorganize your debts so that they can be paid later and he will also help you obtain more time so that you can restructure your business. If you feel that it will be necessary to close your business then you would require the services of a Chapter 7 bankruptcy attorney.
It should be noted that an individual is not required to retain the services of a bankruptcy attorney. However, it should also be noted that due to the complicated procedures that surround bankruptcy filings it is highly advisable to utilize the services of a bankruptcy attorney. They understand the legalities of how to protect your rights as a debtor.