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A bankruptcy attorney refers to person with knowledge of the law and specifically deals with cases of individuals that are in difficult financial situations whereby they have a lot of debts and do not know how to settle them. Many advantages of hiring a bankruptcy lawyer are there when you are in a position where you no longer have a clear plan of how you can be able to pay all your creditors their money back after your business has failed to return enough profits as projected.
The first purpose when you hire a bankruptcy attorney early is that he can be able to study your financial books and transactions and identify any possible causes of problems that might result in the products not being able to make the required profits. Identifying the things that might result in the business running at a loss in the days to come is the first step towards ensuring that the problem is avoided before it happens and therefore the bankruptcy attorney helps to prevent the bankruptcy from happening.
The second thing a bankruptcy attorney should do for you is to give you direction on the steps to follow after you realize that your firm is not doing well in terms of profit making and you are therefore not able to pay your loans and still keep it in the business. A bankruptcy attorney will do a thorough investigation into the financial stability of the firm so that he can see if it is revivable or otherwise so that he can conclude that you need to file a bankruptcy petition.
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The third role of the bankruptcy attorney is that they will present your petition in court and be present during hearings so as to ensure that it is heard and determined in your favor such that the court gives you permission to liquidate your assets and use the money to settle the debts that you owe to banks and other creditors. A bankruptcy case being approved means you get a short period of immunity from those who gave you loans during which you can organize yourself and sell a few assets so that you can pay the loans without being put under unnecessary pressure.
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Lastly, the attorney can help you after you have finished repaying your loans so as to ensure that you can regain the stability of your company again. This includes directing you on what type of endeavors you can invest the little money you are left with so that you can start growing financially again.