For attorneys who are considering a career in bankruptcy law, early preparation is essential. It is a challenging area of law that is intellectually stimulating.
When looking for bankruptcy attorneys, make sure they only specialize in this type of law. Look for attorneys who are skilled legal professionals specializing in bankruptcy cases. Look for attorneys who have received awards from their peers such as SuperLawyers and Rising Stars.
Bankruptcy attorneys specialize in representing people who need to get a fresh start financially. They might work as sole practitioners or in small law firms. They may focus on consumer bankruptcy or corporate bankruptcy cases, or they might practice in a large firm that specializes in bankruptcy and commercial litigation.
Bankruptcy law is complex and constantly changing. It’s important to hire an experienced attorney who knows the law and is skilled in its application. A misfiled form or missed deadline can derail the case. A bankruptcy lawyer can help clients avoid common pitfalls and ensure that their rights are protected.
A bankruptcy attorney can help individuals, businesses and even municipalities determine if the process is right for them. They can also guide their clients through the different options available, including Chapter 7 bankruptcy (liquidation), Chapter 13 bankruptcy and Chapter 11 bankruptcy (business reorganization). They can also represent creditors in court. A reputable attorney will take the time to understand the client’s financial situation and goals.
A debtor’s counsel’s duties include filing the petition and preparing schedules of assets and liabilities. Schedules should be complete and accurate with as much information as possible. The Trustee relies on debtor’s counsel to perform due diligence to confirm the accuracy of the schedules. If the schedules are inaccurate, a lot of time can be wasted.
Debtor’s counsel should be prepared to deal with myriad thorny issues. For example, a debtor may face issues related to insider secured creditors, the duty of loyalty, and the use of funds held in escrow. These types of issues are often more prevalent in larger cases.
Experienced bankruptcy attorneys help clients navigate a complex and challenging process of financial distress, reorganization and recovery. They guide corporate and individual debtors, unsecured and secured creditors’ committees, official and ad hoc creditors’ organizations, equity holders, suppliers, landlords, franchisors, purchasers and asset buyers through the myriad of substantive, procedural, interpersonal and interrelated issues that arise in large Chapter 11 cases.
Our Bankruptcy, Workout & Creditors’ Rights Practice Group helps various stakeholders in business insolvencies protect and maximize their interests. This includes advising entrepreneurs, high net worth individuals and counter-parties to transactions with financially distressed entities. We also represent debtors, creditors’ committees, unsecured and secured creditors and equity holders in Chapter 11 bankruptcy reorganization proceedings and out-of-court restructurings, liquidations and business wind-downs.
Our attorneys are adept at navigating the intricacies of corporate reorganizations and insolvencies in all industries. They advise debtors, secured and unsecured creditors and official and ad hoc committees, indenture trustees and collateral trustees, financial institutions, and purchasers of distressed assets.
Our attorneys are recognized nationally and internationally for their significant and varied experience in all aspects of debtor-creditor law. They have been named Super Lawyers, Rising Stars and Top 100 Trial lawyers, among other honors. They have extensive experience representing large commercial creditors, including financial institutions, banks, personal lenders, credit card companies and legal payday loan companies.
A trustee is an important position to be given, one that requires a good deal of attention and effort. In a bankruptcy case, the trustee oversees the assets of the person filing for bankruptcy and manages those assets according to the trustee’s responsibilities as set forth in the trust document.
Trustees in bankruptcy cases typically sell property that the law won’t let you keep (nonexempt property), and use the money from those sales to pay off creditors who file proofs of claim with the court. A trustee must also review your finances and make sure that you’re following a repayment plan as detailed in your bankruptcy petition.
Trustees should be fiscally astute and trustworthy people. They must follow the terms of the trust, and communicate with beneficiaries by providing statements and account information as well as answers to questions. Trustees must be impartial and cannot favor one beneficiary over another. Trustees also must invest assets prudently and separate trust assets from their own personal assets.