Sometimes financial hardships become so straining that people have to declare themselves bankrupt. The process of expressing yourself as bankrupt is highly complicated and technical; therefore, you would need a bankruptcy attorney to help you navigate the legal process. Listed below are certain aspects of declaring someone is bankrupt. What is the job of a bankruptcy attorney? There… Read More »

Sometimes financial hardships become so straining that people have to declare themselves bankrupt. The process of expressing yourself as bankrupt is highly complicated and technical; therefore, you would need a bankruptcy attorney to help you navigate the legal process. Listed below are certain aspects of declaring someone is bankrupt.

What is the job of a bankruptcy attorney?

There are two categories of bankruptcy attorneys where one is a commercial bankruptcy attorney. A commercial bankruptcy attorney can help you file a bankruptcy case for your failed business venture. Secondly, there is a consumer bankruptcy attorney who can help you file a bankruptcy case. The main idea of hiring a commercial bankruptcy lawyer is to protect your venture from creditors as you go through multiple financial hardships. If a competent attorney can help you file a valid lawsuit, you can clear your loans and restructure or extend your time to clear dues.

Even consumer bankruptcy attorneys help you and your partner deal with various debts creditors and set up appropriate payment plans to navigate through a bankruptcy crisis.

When to hire a bankruptcy attorney?

You must always stay aware of the financial status of your business endeavour. When the financial hardships become very extreme, you should know that you need to consult a commercial consumer bankruptcy attorney. The signs that can help you understand that you need a bankruptcy attorney are:

  • lack of cash inflow
  • Multiple cases of bounced checks
  • When you are unable to clear your bills
  • Constant harassment from debt collectors and creditors
  • Do not know how to deal with the piling up of debt
  • Need a lawyer to represent your case in court

When you see that your business is financially lingering and you need a bankruptcy lawyer, you should immediately hire an attorney in Carmel, Indiana. You should not delay hiring an attorney for the bankruptcy process because it takes time to restructure the case to get cleared of your debts and creditors. A good bankruptcy lawyer can also help you understand how to restructure your business and reorganize it appropriately so that you can earn your debts quickly. Even when you know that you have to close your business cause of the constant financial battle, you need a lawyer who can help you hand over your business to a particular creditor two get rid of your debt.

How can a bankruptcy attorney help you?

There are different types of bankruptcy legal suit that you need to file, and accordingly, you have to hire a lawyer. A good lawyer can help you handle your creditors so that you have to pay less than the actual loan amount. When filing for consumer bankruptcy, you lose assets, and when you file for commercial bankruptcy, you usually have to lose your business to the creditor. Only a reasonable bankruptcy lawyer can help you understand your case and evaluate your situation to help you conduct the process in a hassle-freeway. They have the necessary skills and knowledge to manipulate the issue, so you do not pay much to the debtors and creditors.


  1. How the Insolvency and Bankruptcy Code fails Homebuyers in the Covid Crisis
  2. Section 11 of the Insolvency and Bankruptcy Code, 2016
Updated On 2020-10-27T10:50:30+05:30
Kelly Wilson

Kelly Wilson

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