In spite of the government records showing a fall of 6.9% in the overall US bankruptcy filing, this year the bankruptcy filing of three giant oil based companies namely Houston based Halcon Resources Corp, Atlas Resources Partners LP and C & J Energy Services Ltd has changed the scenario completely. However, filing bankruptcy may sound easy, things such as the intricate legal proceedings, tackling the creditors, handling the debtors and properties are tough to handle. Selecting a bankruptcy lawyer just by following an ad, or based on the service fee can return havoc results of your foolishness. Since filing bankruptcy in itself is a sign of extreme economic depression, you need to select your beneficiary, your savior with a bit more acuity.
Who can benefit from a bankruptcy lawyer
It is not only the debtors who can seek assistance from bankruptcy litigation lawyers. Even creditors can also approach these professionals for intricate case handling and recovery of maximum credit through aggressive and hammering strategies. There is a huge spectrum of commercial as well as personal litigations related to bankruptcy. Only a proficient and expert professional can offer you a thorough insight into your bankruptcy filing conditions, requirements, expected results, complications, etc. The basic fronts of litigation jurisdiction where you can easily find a bankruptcy litigation lawyer include some common fronts.
· Disputes related to valuation
· Any case Equitable Sub – ordination
· Fraudulent activities
Services from a Bankruptcy Lawyer
It is obviously a major concern for already economically trapped and suppressed individuals to pay too high for lawyer services. However, depending upon the type of litigation you are filing, the fee structure of lawyers can change. It is essential at once to clarify what kind of services are inclusive of the fee you are paying. Either the lawyers file cases as per Chapter 7 for liquidation of properties or for Chapter 13 for personal re-characterization. According to both the filings what you can generally expect to be inclusive in the service profile is quite comprehensive of the initial requirements.
· Preliminary detailed consultation with the client
· Evaluation of the financial status and documents of the client to analyze the actual economic condition of the client
· Planning and chalking of the petition
· Final discussion with the client about the petition
· Arranging and participating at the 341 meeting, which is the meeting with the creditors related to the case
· Follow-up sessions with all the creditors as the case progresses
· In case of Chapter 13 filing, the bankruptcy lawyer is also expected to arrange the reorganization management plan and co-ordinate at the hearing sessions for confirmation.
If you are from Houston itself, you can refer to Houston bankruptcy lawyers for the best assistance. Since there is a lot to expect from a bankruptcy attorney, you need to choose your attorney with vigilance. For a lay man it might not possible to know about the best bankruptcy lawyers around the city. In such cases, you can look for superior recommendations from clients over the ‘net.