Bankruptcy attorneys primarily deal with bankruptcy, as we all know. Bankruptcy is the name given to the branch of civil law that covers federal bankruptcy and state insolvency laws and regulations as they apply to individuals, municipalities, and businesses. During bankruptcy, a court administers the estate (the property and other assets) of a debtor (a person or business who owes money to others) for the benefit of creditors (a person or business that is owed money).
What bankruptcy attorneys basically do to resolve it is to classify the business as corporation, partnership or proprietorship in the first hand. In case of a partnership the trustee can sue the general partners of the partnership if the partnership’s assets are insufficient to pay partnership debts. The proprietor must file the bankruptcy, as the property and debts of the business are really just one form of assets owned by the proprietor.
Next step forward will be to check whether the business has to be liquidated or reorganized. Reorganization is supported by many of the attorneys because it can free up cash from paying old debt to finance current operations, and prevent the loss of vital assets or cash to creditor collection actions. Attorneys also analyze how much of the business debt is secured. They also check whether the management does have the resources and the desire to engage in the reorganization process. To be on the safer side, they also measure the possibility of revival of the business if liquidation is adopted.
Whether you need a fresh start in bankruptcy or you need to protect your rights in civil or commercial litigation in Los Angeles, the Law Offices of Michael H. Raichelson specialize in achieving the best possible results for people and businesses in the area of Southern California. With over 15 years of experience, this bankruptcy law firm in Los Angeles has the skills and knowledge to guide you to a fresh start. The Law Offices of Michael H. Raichelson focus on personal and business bankruptcy law, with particular emphasis on Los Angeles Chapter 7 bankruptcy, Los Angeles Chapter 11 bankruptcy, and Los Angeles Chapter 13 bankruptcy.
Mistakes can affect your rights. Your case could be dismissed, or debts that should have been discharged may remain after the bankruptcy. Avoid costly, harmful mistakes. At the Law Offices of Michael H. Raichelson an attorney – not a paralegal or layperson – will handle your case from start to finish. You can be assured of receiving all the protections the law can offer.
The Los Angeles bankruptcy attorneys are well-versed in the bankruptcy code and case law. The Law Offices of Michael H. Raichelson are extremely knowledgeable about the new bankruptcy laws that went into effect in 2005, and will use them to your advantage. The Law Offices of Michael H. Raichelson have guided countless clients through the bankruptcy process, and have flexible payment plans, which the law firm can customize to your situation.
Finding the right Los Angeles personal bankruptcy attorney to guide you through the entire process can be frustrating and stressful. While no one wants to file bankruptcy, it can be a useful and valuable tool for regaining control over your financial life. The Los Angeles bankruptcy attorneys and staff understand that filing bankruptcy is a difficult decision. However, the Law Offices of Michael H. Raichelson firmly believe that you are more valuable to yourself, your family, and society if you return to financial health.