When facing bankruptcy, there are millions of things that run through a small business owner’s head. While worrying about paying personnel and keeping the lights on, considering the reality of a bankruptcy filing is last on the list. Although, with many aspects to consider before filing for bankruptcy, speaking with a small business bankruptcy lawyer in Atlanta first could save you from mistakes and headaches down the road.
Approaching the idea of bankruptcy is not an easy one, but talking with a small business bankruptcy lawyer about your options and routes to recovery early in the process will help you come out on top later.
Here are a few critical questions to consider asking your small business bankruptcy lawyer:
Do I have a Viable Alternative to Filing for Bankruptcy?
The first thing you should ask when consulting a small business bankruptcy lawyer in Atlanta is whether or not there are any alternatives to bankruptcy. This question allows you to understand whether this attorney will actually consider the best option for your situation, or just try to sell you on their services. You very well might not have another option other than to file, but investigating different routes shows good faith and the attorney has your best interest in mind.
Asking about alternatives will also allow the small business bankruptcy lawyer to really dive into your finances and the scope of financial challenges. In most cases, if you are at the point of sitting down with a bankruptcy lawyer, odds are you will need to file. Although, simply answering “yes” to bankruptcy does not mean you got a bad lawyer – the answer lies in the lawyer’s ability to explain why alternatives are not a viable alternative to your situation.
What Are Some Pros and Cons I Should Prepare for?
Few bankruptcy cases have zero cons. Whether you have assets in need of protection or are struggling to find the funds for a Chapter 13 bankruptcy, discussing these challenges with your small business bankruptcy lawyer in Atlanta early in the process is the best way to prepare later on.
A good small business bankruptcy lawyer will be able to candidly share the rough spots with you during this process, and this is your opportunity to see how they will handle the less-than positive matters involved in your case.
What Portion of Your Practice is Dedicated to Bankruptcy?
Consider asking your bankruptcy lawyer about their experience. How many bankruptcy cases have they worked? Is there any litigation experience related to your type of case in particular?
This part of the conversation may be brief, but it is a good idea to get a feel for your attorney’s track record of success in similar cases. Bankruptcy should at least be a large portion of what the attorney does – the more the better – because you will want someone fully experienced in the process, with successful case results under their belt.
Which Type of Bankruptcy Should I File?
Even if you have just begun the bankruptcy research process, you have likely heard of Chapter 7 and Chapter 13 bankruptcies. Your small business bankruptcy lawyer in Atlanta will be able to help you differentiate between these two bankruptcies to determine which is the best route for your filing.
In short, filers for Chapter 7 will have to pass the means test, meaning the monthly income cannot be greater than the state’s median. Those who do not pass or who prefer to not liquidate their debt should pursue Chapter 13.
What Separates You from Another Small Business Bankruptcy Lawyer in Atlanta?
In addition to asking about case experience, consider asking your bankruptcy lawyer what makes them a better choice than their competitor. Remember, this is a partnership, but you want the best of the best, so do not be afraid to ask your lawyer to explain what makes them a good partner.
The small business bankruptcy lawyers at CMC Law are here to help answer your questions and get your business back on the right track. Call 404-585-0040 today or click here to set up a free bankruptcy evaluation and get your business headed towards recovery.