Corporate Bankruptcy Law Attorney

As the corporate bankruptcy attorney droned on and on in legalese only a fellow barrister could understand, a few of the remaining workers from the once giant corporation sat in the back of the courtroom in silence. Most of them were older and hadn't been able to find jobs after the only place they had ever worked suddenly went belly up after some illegal financial business mergers had come to light in recent months, causing share holders to dump all the company 's publically held stock for about three pennies on the dollar. Included in the loss were all pension and retirement programs. There would be no retirement in Florida, no quarterly trips to visit the grandkids, and social security was not looking at all secure. It was as if these workers had been asleep peacefully aboard a comfortable houseboat, lazily drifting down a river, when suddenly there was a forty foot waterfall that no one knew was there. A rude and sudden awakening would be an understatement.

A business bankruptcy lawyer presides over broken dreams, heartaches and most of the time, great sadness. What had been, what could have been, and what is now reality is a human drama acted out in the often bleak, stark and clinical halls of liquidation courts across the country. The corporate bankruptcy attorney is the surgeon, cutting out as much pain for the owners and employees as possible. But of course, the bottom line is to get the patient out the door and on to the rest of his/her life, in this case, the people of the corporation, and that often means some very painful post-operative experiences for all. In order to do that, the business bankruptcy lawyer must be business-like and perhaps somewhat detached from the human loss in such a business transaction.

Bankruptcy is basically a legal admission that an individual or business cannot pay the creditors that are owed. The corporate bankruptcy attorney has three basic options when filing for a client. The first is chapter seven bankruptcy, and this is the total liquidation of all assets. The second option is chapter eleven where a company or an individual reorganizes in order to remain in business. This means that the debt structure of the company is reallocated so that payments are lower and the business can continue operation. The third option for a business bankruptcy attorney to consider is chapter thirteen. This is a plan similar to chapter eleven with some additional caveats, including a debt counseling requirement.

"And forgive us our debts, as we forgive our debtors." (Matthew 6:12) The training that is required in law school for these legal surgeons is astounding. Listen to the litany of classes to be covered in law school year one for the one specializing in corporate law. Classes on contracts, corporation and other business organizations, the realm of intellectual property including trademarks, patents, trade secrets and rights of publicity. In addition, there are classes on antitrust laws, secured transactions and understanding commercial paper, which is a money market security issued by large banks and corporations. Also, classes on income taxes, pensions and benefits, trusts and estates, immigration law, labor law, employment law and bankruptcy. While a corporate bankruptcy attorney may have some general knowledge in a number of areas, his or her expertise will be in the areas most pertinent to bankruptcy proceedings.
The men and women who may act on behalf of a corporation or a small business are usually paid well, and may have different fee arrangements. For instance, the business bankruptcy attorney may, in some instance, charge a flat fee for small legal documents such as basic filing for protection. The corporate attorney may also ask to be paid by the hour. Many legal practitioners will also bill for percentages of an hour spent doing things as phone conversations on the client's behalf, time going over the case, research on the case, filing, copying and other details. In many cases, a barrister may be put on retainer which means money paid up front as a down payment on future legal representation that may come up, and that also means that the legal practitioner agrees to be available any time the client needs representation. Finally, an attorney may be paid on contingency, meaning that on depending on the outcome of the legal case and on the financial settlement, the barrister will take a percentage of the judgment. It is more likely that a business bankruptcy lawyer will work on an hourly basis, with many of the most successful being retained by both individuals and corporations who want the security of knowing instant attention will be given at a moment's notice.

Those wishing to be a business bankruptcy lawyer or a corporate bankruptcy attorney must possess a number of innate skills to be successful. It is not a surprise that the test one must take to even get into law school is all about reasoning. Due to the highly complex cases that these legal practitioners must often face, being able to figure out ways to get out of complex situations or figuring out a reasonable compromise or knowing when to cut and run is of an absolute necessity. But there are plenty of attorneys that are extremely knowledgeable of the law and would love to keep practicing law except for having to work with people. Having a good personality and the ability to get along with all sorts of quirky people is high on the list of important assets a barrister must possess.