Business and Bankruptcy

Understanding the Areas in Business Bankruptcy Law

Florida is well known for the number of law firms that specialize in business and bankruptcy law. In fact, Florida boasts of over two hundred bankruptcy lawyers, with the largest concentration in the North. Many lawyers can be found in large cities throughout Texas, while others are found more in the suburbs. In Houston, for example, you will find Bailey, Brown, and Driver. Texas Tech University School of Law has a bankruptcy section that students can use to learn about the bankruptcy process.

 

Business and Bankruptcy Law offers classes on all areas of business law, including tax law, real estate law, and corporate law. You can also opt to enroll in an online class or seminars. Texas Tech University provides a number of websites where you can find information on how to file for bankruptcy, and what forms you will need to fill out.

 

There are some differences between small business bankruptcy and real estate or corporate bankruptcy. For example, filing for bankruptcy is only done if the debtor is unable to pay his/her debts. Once filed, the debtor will now be forced into a reorganization plan in order to pay off his/her debt. Business and Bankruptcy Law will explain to you how the bankruptcy process works and will give you advice on how to file, how much you will have to pay, and what forms you will need to file. This article will give you further information on these topics.

 

The first step in filing for bankruptcy is filing a petition with the bankruptcy court. The petition will state all your reasons why you are filing for reorganization. This includes reasons such as illness, death, separation, divorce, and so on. You will also list any assets that are exempt from liquidation, as well as any property that are exempt from repossession. Usually, creditors will be informed about the petition at this point, though they may still try to contact you, or offer to pay your creditors instead.

 

known bankruptcy attorney in FloridaAfter filing the petition, the next step in the process will be to reorganize. In business bankruptcy, you must hire an attorney to help you with the reorganization. Most companies choose to hire an attorney because it is their job, but if you have a good attorney, then they will handle the whole process. They will negotiate with your creditors, work out a payment scheme, and get a discharge for you from your debts. If your attorney is good, the creditors may even agree to accept a lesser amount than what is listed on the bankruptcy petition. Once your attorney files the petition, it is now up to the bankruptcy court to decide whether the reorganization is in your best interest, said a known business bankruptcy attorney in Florida.

 

As mentioned earlier, there are two different parts to business bankruptcy law: nonrecourse and recourse. Nonrecourse means that the bankruptcy law allows the debtor to collect any debts that are not protected by the discharge. Reversely, recourse means that the bankruptcy law gives the debtor no protection against the debts. Therefore, if a creditor files a claim of nonrevenue, or is given the option of recovering something that is not protected by the discharge, the debtor is at risk of losing anything that is protected by recourse.