The Bankruptcy Code allows the debtor to organize his or her assets for settling the debt in a realistic manner, and provides that creditors must stop all collection efforts. Federal bankruptcy law also regulates how commercial/private companies recover from crippling debt. A bankrupt company might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and attempt to become profitable again. Management continues to run the daily business operations but a bankruptcy court must access and approve major financial decisions of the company. How Assets Are Divided? Secured Creditors – such as banks, are often the first to be paid. Unsecured Creditors – bondholders and suppliers, have the next claim. Stockholders - owners of the company have the last claim on assets and may not receive anything if the secured and unsecured creditors' claims are not repaid. What can our Bankruptcy Lawyers do for you? We will file claim(s) of bankruptcy We will research all laws such as recent verdicts and changes in legal doctrine related to bankruptcy We will appear in court for you If you're considering filing for bankruptcy, you're most certainly wondering how bankruptcy will affect your credit.
How Do I Choose A Bankruptcy Lawyer? Consider the following when contacting a law firm and determining which lawyer to work with: Comfort Level - Are you comfortable telling the lawyer personal information? How do you feel when speaking with the attorney? Credentials - How long has the lawyer offered legal advice to clients in bankruptcy cases in New Hampshire? Has the lawyer handled cases before the U. S. Bankruptcy Court? Cost - Is the attorney affordable for your price range? Can the lawyer estimate the cost of your bankruptcy filing, including filing fee? City - Is the lawyer's office conveniently located near you?
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