The US has established bankruptcy laws to help individuals who have suffered heavy losses in their business repay their debts. Bankruptcy lawyers Minot ND advise their clients about these laws and guide them on how and when to declare bankruptcy.
A businessman declares bankruptcy if he suffers heavy losses in his business. Two parties who are affected if bankruptcy is declared are the creditors to whom the business owes money and the debtor or the businessman who declares bankruptcy.
Bankruptcy lawyers Minot ND are hired by both creditors and debtors. The responsibility of the lawyers is to represent the best interests of their clients. After the bankruptcy process is through, the creditors’ demands are satisfied and the debtor is able to make a brand new start financially.
In addition to bankruptcy laws, a bankruptcy law firm Minot ND needs to have an understanding of other related fields to manage bankruptcy cases.
- Consumer Finance
- Contract laws
- Tax Laws
- Business Laws
All these play a vital role when it comes to declaring bankruptcy or resolving bankruptcy-related cases.
Some of the functions performed by bankruptcy lawyers Minot ND include:
- Draft motions and proceedings to be filed in the court.
- Draft responses to the already filed proceedings and motions.
- Review discovery documents.
- Hold meetings with clients and adversaries to decide on the course of action to be taken.
Understanding bankruptcy codes and declaring bankruptcy without the help of a lawyer is extremely difficult because of the complexities of bankruptcy laws.
A bankruptcy lawyer helps clients in different ways:
- Navigating a bankruptcy case can be quite difficult for an individual who is not familiar with the field. This is because of the complexities of the bankruptcy laws and the other laws and codes involved. Any mistake in understanding these laws and filing for bankruptcy can cost you dearly. Besides, it can also delay the process. Hence, it is best that you hire an experienced bankruptcy lawyer to represent you.
- There is a difference in the specifications of Chapter 7 and Chapter 13 of bankruptcy. If you file under chapter 7 you can clear the entire debt. On the other hand, filing under chapter 13 allows you to clear your debt over a longer period. As a businessman, it will be difficult for you to understand the pros and cons of either of these chapters and choose the right one. A bankruptcy lawyer helps you understand the implications of each of these chapters and recommends the best one according to your case.
- Being in debt can be a tough situation to handle. You not only have to cope with your difficulties but you are also hounded by calls from your creditors. All this can cause undue mental stress. Having a bankruptcy lawyer by your side helps you because your lawyer will answer your creditors and you will be spared of the stress.
You can find the best bankruptcy lawyers Minot ND at Ward K Johnson Law Firm!
There are several benefits to hiring our lawyers:
- All our lawyers are certified and licensed to practice in state, federal, and judicial courts in North Dakota.
- We have a team of knowledgeable bankruptcy lawyers with several years of experience in the field that makes them experts at managing any bankruptcy case.
- Our lawyers have excellent communication skills. They can communicate all matters of the case clearly through verbal or written communication.
- The bankruptcy law firm Minot ND is excellent negotiators and can negotiate your case to get the best outcomes.
- We not only provide legal advice to our clients but we manage the entire case including all the tedious documentation in the case.
- Our lawyers provide competent advice throughout the bankruptcy process supporting you at every stage of the case.
- In case your case is complicated and requires expert advice on business laws/contract laws, etc, Ward K Johnson law firm has specialist lawyers in different disciplines. Having a team of experienced specialist lawyers in a single firm helps keep all information confidential. Also, the process is much faster if different lawyers are familiar with each other and have worked together in the past.
Our bankruptcy lawyers Minot ND have great interpersonal skills and are compassionate and empathetic.