Can we file chapter 11 banruptcy without an attorney. How can we protect our business from a vendor who wants to file a judgement against us.
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Can we file chapter 11 banruptcy without an attorney. How can we protect our business from a vendor who wants to file a judgement against us.
we are a corporation that has been in a family business over 30 years. there are 3 officers.We are struggling and can barely pay our bills. Both our homes are in foreclosure, we refinanced them to loan the business money. We have to keep the business going in order to make a living. We don’t have money to file chapter 11 can we do this on our own, without an attorney. We need a clean slate and feel we could put new life in the business.
Asked on May 12, 2009 under Bankruptcy Law, Florida
Answers:
N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
It would be extremely risky to self-prescribe because bankruptcy issues entail a lot of ramifications that could worsen instead of "heal" your situation. Moreover, it requires a court procedure that no less than an attorney is needed to represent you. There are benefits in bankruptcy protection that you may not be able to take advantage of, if nobody is around giving guidance. Just compare how much you would be missing if you don’t execute your plan properly. The savings you intend to make by not hiring a lawyer could well end up just a small fraction compared to the package of benefits you are entitled for. A little research on the Bankruptcy Code will help you decide and hopefully, allow you to appreciate what I'm conveying through this reply note.
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