The bankruptcy lawyer Waukesha residents can hire could be someone who works with a large firm or who has their own practice. This lawyer will usually work with private individuals looking to file bankruptcy to alleviate their financial stress. This experienced lawyer will also work with businesses seeking help in eliminating their debts as well. A bankruptcy case for a business will be slightly different than one for a private individual. One of the differences is in the process of discharging debts. This option is available for small businesses with a sole proprietor.
A business wishing to conserve some assets prior to filing bankruptcy can have them transferred to other people so they will not be considered during the bankruptcy process. In most cases, the assets the company has are frozen once bankruptcy has been filed. The freeze protects the interests of the creditors who will usually end up receiving payment from the sale or distribution of the company’s holdings. When planning a business bankruptcy, it is wise to save some money in order to pay for the legal help. Most lawyers request their fee in advance for bankruptcy cases.
The regulations governing bankruptcy for businesses also allow for the redistribution of funds within the company. This process allows the company to buy time with its creditors in order to remain in operation. By restructuring the financial system the company is often able to make adjusted payments to their creditors. In the business world, the ability to make payments is always preferable to having them discharged. More info: Bankruptcy lawyer Waukesha