Milwaukee Bankruptcy Lombardo Law Call 414-543-3328
Bankruptcy and debt consolidation law specialists serving the greater Milwaukee area. Compassionate, discreet and affordable.
THE FORUM Building, 3333 North Mayfair Road Suite 314, Milwaukee, WI 53222, USA
Bankruptcy is defined as a condition wherein an individual or an organisation is not in a position to pay off the dues of its creditors. It is a situation where it is not possible for a debtor to legally pay off the creditors. Bankruptcy law allows such debtor to file a petition for bankruptcy in the court. The court will then administer the property and other assets of the debtor to bring maximum benefit to the creditors.
Why file for bankruptcy?
Bankruptcy connotes negativity and has a social stigma attached to it. This is one of the reasons why the true picture of the benefits available on filing of bankruptcy petition in the court is not revealed. However in recent times, bankruptcy is considered as a suitable measure to put an end to the financial troubles faced by an individual or a business. Bankruptcy has been now tagged as a good measure to uncomplicate the financial jargon. It helps to give a new beginning to the debtor, at the same time the dues of the creditors are also cleared.
Disadvantages of Bankruptcy
1. Bankruptcy Lawyers Fee- With all the benefits associated with bankruptcy comes a hefty cost in the form of fees of the bankruptcy lawyer.
2. Loss of control- When a business organisation files for bankruptcy, the control over the major decisions is handed over to the judge.
3. Tax Dues- Even after the declaration of bankruptcy of a business organisation, the tax authorities can seize the companys assets and/or personal assets if taxes are not paid.
Bankruptcy law lists the following chapters-
1. Chapter 11- Reorganisation- This chapter includes a plan wherein the debtor proposes to reorganise the business legally and keeps its business going at the same time the creditors are paid over a period of time.
2. Chapter 13- Bankruptcy- This chapter includes a plan wherein the debtor proposes to repay the creditors in full or in part settlement the dues in instalments from the income.
3. Chapter 7- Liquidation under Bankruptcy Law- This Chapter includes filing of the bankruptcy petition with the court serving the area of the principal place of business of a business entity of the place where an individual lives.
How can a Bankruptcy Lawyers help?
A bankruptcy lawyer can help in providing legal knowledge of the bankruptcy law and help in simplifying the process of bankruptcy. A bankruptcy lawyer can provide sound legal advice that can be of great help in easing the technicalities involved in the process. Once it is decided to file for bankruptcy it is indispensible to take legal advice from a bankruptcy lawyer, who can guide you through the necessary legal formalities involved and provide you with the necessary information for a better financial future. Though bankruptcy can be filed without taking the services of a qualified legal professional, it is not recommended in most cases. The bankruptcy lawyer will help in providing the necessary legal advice relating to insolvency and restructuring. Not only this, they can also give a legal solution to all your bankruptcy related queries and doubts.
Factors that will differentiate one Bankruptcy Lawyers Business from another
There are various factors that will add a distinctive advantage to the business of one Bankruptcy lawyer from another. A few of these have been listed below:
1. Service- Quality service is the key of generating good returns in any business. The same is true for Bankruptcy Lawyers business as well. Quality service and timely response adds to your service portfolio.
2. Cost Involved- One of the most important factor that will be considered is the cost involved in the process of filing a bankruptcy. The lesser the fees, more will be the potential leads for the business. Fee structures will count as a major factor in differentiation of one bankruptcy business from another.
3. Location- Providing legal advice relating to bankruptcy from a place which is near to the client gives an added advantage to your business. Connectivity and ease to communicate is a key to converting more potential legal cases to your clients.
4. Experience- The more experience you gain in the area of specialisation, the more beneficial it will be in attracting new clients and holding the existing ones. With experience comes more confidence and more knowledge about the area of business operation. This can act as an important factor in differentiating one Bankruptcy lawyer business from another.
5. Convincing Skills- Good convincing skills is another added advantage for your legal profession. The potential client can be your benefit giving proposition if the convincing skills are strong.
Business Services > Legal Services > Lawyers > Bankruptcy
Related directory categories