How to Hire a Commercial Bankruptcy Lawyer

Bankruptcy can help a business cope with deep debts, but the process requires special knowledge and skills. Negotiating with the courts yourself can be very difficult, so you'll want to hire an experienced commercial lawyer to help sway things in your favor.

Instructions

Difficulty: Moderate

1. Start the search for a lawyer when your financial situation starts to crumble. Waiting until your creditors file against you can leave little time to hire a good commercial bankruptcy lawyer. Ask your business accountant and friends for references.
2. Interview several lawyers in your state, so that you have possibilities. Find out which forms of bankruptcy they specialize in and if they've worked with both debtors and creditors. Ask for examples of past bankruptcy case successes.
3. Discuss your options for paying the attorney fees. Try to work the expenses into your business debt, so that the sale of your assets can cover the costs, and you can avoid accruing more charges. Discuss in advance whether your consultation will be free or not and when payment will be due.
4. Check the list of certified commercial bankruptcy lawyers at the American Board of Certification (see Resources below). Avoid contacting lawyers who are far from your business because you may have to reimburse them for travel expenses to your local court.
5. Research the lawyers' histories by contacting your state's bar association. Check for any ethical and professional complaints against the lawyers. Search the online archives of your local and state papers to find out about high-level cases or scandals that involved your potential lawyers.
6. Allow the lawyer you choose to access your business records, so that the bankruptcy process can begin as soon as possible.
7. Ask your attorney to help prepare you to answer questions at the first meeting of your creditors, as she will not be able to object to any queries during this hearing.

Tips & Warnings

• If you want to file bankruptcy against your debtors, hire a lawyer who specializes in creditor's counsel.
• Get a list of a lawyer's clients. It can tell you a lot about the types of businesses he works with and his ethical standards.
• Don't hire a lawyer who has represented your creditors or other organizations with interests that conflict with your own.
• Experienced lawyers often have very busy schedules, so don't expect to have consultations with them on short notice.