The Best Bankruptcy Law Firms
Bankruptcy is a nightmare for business owners. It’s a problem no one wants to face but needs to prepare for. When financial issues start plaguing a business, getting the services of a bankruptcy law firm can be beneficial. More than providing sound advice, they facilitate negotiations among concerned parties and find a way toward financial stability. Find the best bankruptcy law firm that suits your needs at Firms.com.
Recommended Firms
Pachulski Stang Ziehl & Jones LLP
Pachulski Stang Ziehl & Jones is a prominent law firm specializing in bankruptcy and insolvency matters. Founded in 1990, they represent debtors, creditors, and other parties in complex bankruptcy cases and restructuring transactions. Their attorneys are known for their deep expertise and strategic approach to navigating the intricacies of bankruptcy law.
Weil, Gotshal & Manges LLP
Weil, Gotshal & Manges is a prestigious international law firm known for its expertise in bankruptcy and restructuring law. Founded in 1931, they represent clients in high-stakes bankruptcy cases and provide strategic counsel on complex financial transactions. Their commitment to excellence has made them a trusted advisor for companies facing financial challenges.
Ropes & Gray LLP
Ropes & Gray is a leading international law firm known for its robust bankruptcy and restructuring practice. Founded in 1865, they provide comprehensive legal services in complex bankruptcy cases and financial restructurings. Their experienced attorneys work collaboratively with clients to develop innovative solutions tailored to their unique financial challenges.
Jones Day
Jones Day is a global law firm with a strong bankruptcy practice that provides comprehensive legal services to clients involved in insolvency proceedings. Established in 1893, their attorneys have extensive experience in bankruptcy litigation and restructuring advisory services across various industries. Their collaborative approach ensures effective solutions tailored to client needs.
BakerHostetler
BakerHostetler is a well-established law firm with a strong bankruptcy and restructuring practice. Founded in 1916, they provide comprehensive legal services to clients involved in bankruptcy cases and financial restructurings. Their attorneys are experienced in representing debtors, creditors, and other stakeholders in complex insolvency matters, delivering strategic solutions tailored to each client’s needs.
How bankruptcy law firms help businesses
Bankruptcy occurs when a person or business entity can no longer repay its debts and other financial obligations. It’s a legal proceeding that begins when the debtor, or a representative of the creditors, files a petition stating the debtor’s inability to settle debts. Following the petition is an evaluation of the debtor’s assets to determine their means of repaying the outstanding debts.
A bankruptcy law firm guides the business owner during the bankruptcy proceeding, but there are other services they can offer. In addition to acting as legal representation, bankruptcy law firms also help businesses by:
- Creating a financial plan for potential business expansion.
- Developing mitigation solutions in the event of a recession.
- Planning for restructuring and reorganization.
- Helping keep the business running during bankruptcy.
- Ensuring the client (you) is protected and properly represented during bankruptcy meetings.
- Protecting you from creditors.
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How do you choose the best bankruptcy law firm?
Whether you’re filing Chapter 7, 11, or 13 bankruptcy, or you’re just trying to be proactive regarding your business’s financial standing, you need the services of a reliable law firm during the process. Partnering with a firm you can trust is crucial in ensuring you can avoid bankruptcy or come out of the situation with the best results possible.
Here’s what you can do to choose the best bankruptcy law firm for your needs:
- Ask to meet the lawyer handling your case personally and not just their paralegal. It’s a red flag if your bankruptcy attorney isn’t willing to meet you during your initial meeting.
- Make appointments with several bankruptcy law firms before making a final decision. Meet as many lawyers as possible and gather as much information as possible until you find the law firm that suits your needs and preferences.
- Communication is vital, so choose a responsive lawyer who is easy to communicate with and provides the answers to all your questions.
- Research about the firm. Approximately 94% of law firms have websites. There’s a good chance your bankruptcy law firm does, too, so you should be able to find information about their services and clients online.
- Pick a law firm that does meticulous work with documentation. Bankruptcy requires you to disclose all your assets, which could mean a ton of paperwork. Choose a law firm that does paperwork diligently.
Start your search for the best bankruptcy law firms at Firms.com!
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Five things to consider when partnering with bankruptcy law firms
Specialization
Bankruptcy law is complex. You want to ensure you’re partnering with a firm specializing in bankruptcy so you can come out of this tumultuous proceeding relatively unscathed. Whether you’re the debtor or the creditor, it’s hugely beneficial to work with legal experts who have mastered bankruptcy law like the back of their hand.
Reputation
Look for a bankruptcy law firm with a good reputation. If you can, research about the reputation of the firm and its lawyers. Do they have good moral standing? How do they communicate with their clients? Hiring a law firm can be a process of trial and error, so allocate time to your research to trim down potential candidates.
Pricing structure
Bankruptcy does not excuse you from financial obligations to your lawyer. Unless your bankruptcy attorney is doing the work pro bono, clarifying the firm’s fee structure from the start is essential. Inquire about flat rates, hourly fees, and appearance fees. Doing so helps you gauge if you can afford their services after settling your debts.
References
Ask around people you trust if they can refer you to an excellent and dependable bankruptcy law firm. The legal community is small, and there’s no harm in asking for referrals, especially during a huge legal proceeding. Knowing the opinions of previous clients helps you make an informed decision if the law firm is a good fit for you.
Location
Bankruptcy proceedings can take a long time. You’d want to partner with a law firm near your home or office address. While a significant chunk of your communications will likely take place over emails, phone calls, or video conferences, it still helps if you can conveniently access their office location from where you are.