Does Your Case Require a Bankruptcy Specialist?

The average American family owes more than $10,000 in unsecured debt and typically spends more than they earn each year. The number of bankruptcies has increased substantially during the last decade as consumers are finding it difficult to pay their bills in this struggling economy. In many cases, individuals pay only the minimum amount due each month, resulting in the principle balance being unaffected as their monthly payment goes primarily towards the interest.

What is a Board Certified Specialist?      

Most people are familiar with bankruptcy law firms that specialize in helping people restructure or discharge their debts. A bankruptcy specialist is an attorney that is board certified. The American Board of Certification programs recognize attorneys who have met or exceeded rigorous standards in their experience with both consumer and business bankruptcy law. To achieve certification, the bankruptcy specialist must complete a comprehensive exam and demonstrate significant experience regarding all legal matters and ethics as it relates to bankruptcy law. In addition, they are required to continue sixty hours of legal education during a three-year period.

Cases That Require the Expertise of a Specialist

Although the laws governing bankruptcy can be complicated and difficult to understand, most attorneys can help consumers file for Chapter 7 or Chapter 13 bankruptcy, which are usually simple and straightforward cases. If your particular situation involves any of the following complexities, you may need a bankruptcy specialist:

• Business owners who may have co-mingled their personal funds with the business accounts
• Individuals who have an extremely large amount of both unsecured and secured debts
• People who own more than one home or those that have several mortgages
• Anyone that has a judgment against them or their property, such as a Mechanics Lien
• Small business partnerships where one partner has mismanaged funds or engaged in fraudulent accounting practices
• Those who owe the federal government large amounts of unpaid taxes

A certified bankruptcy specialist has the expertise to handle these types of cases and may be able to save a business from total liquidation.

How a Certified Specialist Can Help Your Case

Small business owners may need to file under Chapter 11, which allows them the opportunity of reorganizing their debts while still remaining in control of their company. The federal rules governing how this is accomplished are extremely stringent and may require that a U.S. Trustee be appointed to manage the company funds in the interim. If you need to reorganize your business, letting someone else have control could end up with disastrous results. When you hire a bankruptcy specialist, they will know how to help you keep your business solvent without giving up control.