When companies go out of business and the debts surpass the amount of income, only a good corporate bankruptcy lawyer can help it get out of the difficult situation. Like business cases, companies also get two options when it is about filing for bankruptcy.
If things are still under control, and given some time, if the company will be able to get back to its profitable state and pay off all the debts while running its venture smoothly, the best option is to file under chapter 11. It allows the company to continue with its existing venture while repaying the debts to the creditors on the basis of a suggested repayment plan. Alternatively, if the company is not in a position to recover from the debt problems, the only option available to it is to file under chapter 7, which will eventually liquidate all its assets and properties in order to pay off the debts. If it is a genuine case, every company will like to choose the first option where the bankruptcy law provides it a chance to reorganize its business operation. However, here, it is very important for you to understand that the laws pertaining to the same are not easy to be understood by a common man. Only an expert legal professional can help you make the right move. Therefore, the first thing that you have to do in this regard is to hire a good corporate bankruptcy lawyer. He or she will guide you with the step-by-step procedure.
Bondholders And Shareholders
When a company declares insolvency, bondholders are likely to get their money back, but the shareholders in most cases lose all the money invested. Especially, in case of floated bonds, the bondholders do not need to worry at all. But, since shareholders are the persons who technically own the company have no chance at all to recover the money they invested.
Hiring Online
You will be glad to know that now you can hire the lawyers for even corporate cases through Internet. All the major law firms have an active online presence these days. You just have to visit their official website, do some thorough research and hire an online bankruptcy lawyer to handle your case.
However, no matter whether you hire a bankruptcy lawyer online or through manual visit to the law firms, make sure that you have done your research well, and have chosen a lawyer who best suits your specific needs and budget.