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How a Mortgage Lawyer Can Help You Prepare for Bankruptcy

07th May 2011
By Mark Etinger in Bankruptcy Law
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Every business should have it. For some reason, business owner try to avoid it. But it's always a good thing to have. What exactly is it? A bankruptcy plan. Of course no business wishes to get to that point, but once the situation demands it, then avoiding bankruptcy, or conducting it wrong can cost the owners a lot of money. Sometimes reaching disastrous levels.

Preparing your business for bankruptcy could go in a few directions. Either the business owner does all of the research and organizes all the paper work - an option that business owners obviously don't want to choose unless they have to. The other option is to hire a bankruptcy lawyer. The benefits to getting a professional to handle this scenario are numerous. For one, there is a certain amount of experience that you need in order to find your way through the bankruptcy law jungle. You need a guide that knows his way around and can offer a good shortcut to the other side of that jungle.

Bankruptcy lawyers have the advantage of knowing what are all the options for businesses. One example for that is the way a business should choose its bankruptcy. Is it a chapter 7 bankruptcy? Maybe chapter 13? Odds are that the business owner cannot tell the difference, unless they research the issue. Nor should they. They have to focus on getting their business to work. If it doesn't, well, that's when lawyers can help the owner navigate through what needs to get done. Some businesses simply need help with loan modification. This attempt can help a business, but should also be handled carefully. It is usually better to have a lawyer at hand for that as well. Loan modification attorneys can help the owner of the business increase his odds of getting that loan modified. They have the experience needed to make it happen.

What it comes down to is time versus money. Every business owner can drop everything and research what needs to be done in order to file for bankruptcy or a loan modification. But that time is worth money to the business. So investing that money in good bankruptcy lawyers can help owners manage their time better. And if they get to the point where they do need to file bankruptcy, lawyers can do the work in half the time they themselves would have done, simply because of their experience.


The Law Offices of Adam C. Gomerman specialize in Chapter 7 and Chapter 13 law. Our NY bankruptcy lawyers have years of experience dealing with bankruptcy and loan modification help.
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