Business Listings
Top Rated Bankruptcy Law Firms
782 companies | Last Updated: 6/30/2022
Undisclosed
Bengaluru, KA
Core services
33% Bankruptcy Law
33% Accounting
33% Financial Advising & Planning
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Kharkiv, Kharkiv Oblast
Core services
33% Bankruptcy Law
33% Business Consulting
33% Corporate Law
Undisclosed
Barcelona, CT
Core services
33% Bankruptcy Law
33% Accounting
33% Corporate Law
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Memphis, TN
Core services
33% Bankruptcy Law
33% Banking Law
33% Corporate Law
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North Charleston, SC
Core services
33% Bankruptcy Law
33% Banking Law
33% Commercial Brokerage Services
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West Chester, PA
Core services
33% Bankruptcy Law
33% Real Estate Law
33% Corporate Law
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Orlando, FL
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Banking Law
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Louisville, KY
Core services
33% Bankruptcy Law
33% Immigration Law
33% Intellectual Property Law
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Seattle, WA
Core services
33% Bankruptcy Law
33% Immigration Law
33% Insurance Law
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Phoenix, AZ
Core services
33% Bankruptcy Law
33% Labor & Employment Law
33% Real Estate Law
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Lawrence, KS
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Insurance Law
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Houston, TX
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Corporate Law
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New Orleans, LA
Core services
33% Bankruptcy Law
33% Banking Law
33% Insurance Law
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San Jose, CA
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Labor & Employment Law
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Orlando, FL
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Corporate Law
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Eugene, OR
Core services
33% Bankruptcy Law
33% Labor & Employment Law
33% Corporate Law
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Fort Lauderdale, FL
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Labor & Employment Law
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Norfolk, VA
Core services
100% Bankruptcy Law
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Reno, NV
Core services
33% Bankruptcy Law
33% Banking Law
33% Corporate Law
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Minneapolis, MN
Core services
33% Bankruptcy Law
33% Labor & Employment Law
33% Corporate Law
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Los Angeles, CA
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Labor & Employment Law
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Washington, DC
Core services
33% Bankruptcy Law
33% Intellectual Property Law
33% Real Estate Law
Undisclosed
New Orleans, LA
Core services
33% Bankruptcy Law
33% Labor & Employment Law
33% Corporate Law
Undisclosed
New York, NY
Core services
33% Bankruptcy Law
33% Banking Law
33% Corporate Law
Undisclosed
Salt Lake City, UT
Core services
33% Bankruptcy Law
33% Insurance Law
33% Business Consulting
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Life isn’t straightforward, and when things go wrong you can be left with debts you simply cannot pay. Don’t hide from the problem, take action with a bankruptcy law specialist to help you can find the right solution for your situation. Our bankruptcy law specialist listings cover the very best professional advice to help you, however challenging the problem seems.
Common questions
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Bankruptcy can happen to both individuals and organisations. People usually fall foul of bankruptcy law when they are in a position where they cannot pay their outstanding debt obligations.
To prevent these situations being a free-for-all and people simply declaring they can't pay without consequence, bankruptcy law is set in place to define how such problems are dealt with. The two main purposes of bankruptcy are: 1) to give a debtor who is in a difficult or hopeless financial position a fresh start by wiping most of their debts; and 2) to fairly distribute the debtor's assets among creditors.
This approach allows for some level of protection for all parties. Otherwise, it would be back to how it was when you used to play Monopoly and your older brother ended up with all the money by cheating the system!
Declaring bankruptcy won't wipe out all debts, you will still be required to pay court-ordered penalties and fines.
Instead, what it does do is take away the stress and pressure of needing to pay there and then. The court may still order small monthly payments to debtors, for instance, but taking into account income and expenses along with all accrued debt.
However like we mentioned, some debts do not go away with bankruptcy. One of the most common of these is taxation. As a preferred debtor, if you owe your state or government tax, then you will still owe it post-bankruptcy. That old saying, 'The only certainties in life are death and taxes', is more true than you think.
There are two ways you can become bankrupt, either through a voluntary bankruptcy, where you fill in the bankruptcy form yourself, or by sequestration order, where a creditor makes you bankrupt through the courts.
Whichever way you find yourself bankrupt, the first thing that happens is a trustee is appointed to oversee the bankruptcy process. This may be an official or registered trustee appointed by the court or you can choose your own registered trustee if you prefer.
At this point, you have a number of legal obligations:
- You must provide details of your debts, income and assets to your trustee.
- Your trustee notifies your creditors that you're bankrupt - this prevents most creditors from contacting you about your debt.
- Your trustee can sell certain assets to help pay your debts.
- You may need to make compulsory payments if your income exceeds a set amount.
The bankruptcy usually expires after 3 years and 1 day, but until then you will need to liaise with your trustee to manage your financial situation. During the bankruptcy, you may find that your income, employment or business is affected, and you cannot ravel overseas without written permission from your trustee.
Further, your name is permanently placed on the National Personal Insolvency Index (NPII), which will directly affect your ability to obtain credit in the future. A trustee may decide to sell your assets to repay certain debt, while they will consult with you to keep you aware of the bankruptcy process, you will not have any influence on such choices.
Declaring bankruptcy doesn't prevent you from applying for a loan after your bankruptcy is over, however it does affect your ability to be accepted for said loans. Everyone who declares bankruptcy is recorded on the National Personal Insolvency Index (NPII), and credit reporting agencies will keep a record of your bankruptcy for 5 years. That means credit checks for any loan will identify your previous issues, and that can have a significant impact on loan decisions.
In addition, if you apply for a loan above a specified amount, you must notify the creditor of your bankruptcy history. Currently, that is $6,144, but this value is updated quarterly so always check with the latest information at www.afsa.gov.au to be sure. It is a criminal offence to seek loans above the current limit without informing the creditor of your bankruptcy.
Having a cost to become bankrupt may seem a little odd, but in some countries it does actually cost money to become bankrupt. In Australia though, there are no fees to apply for bankruptcy, although if you use a bankruptcy specialist to help you through the process you may have some costs to cover.
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