Top Albuquerque Business Bankruptcy Lawyers Near You

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Matthew Gandert, Affordable Law, PC

Business Bankruptcy Lawyer | Albuquerque, NM

Free Consultation

505-255-4859

Helping Reduce Financial Liability Through Bankruptcy

Being faced with filing for bankruptcy can be frightening and confusing. The process can be overwhelming without a lawyer who understands you and your unique situation. The attorney fees at Affordable Law, P.C., in Albuquerque, have always been reasonable. We believe that everyone deserves a second chance and a secure financial future without being harassed by creditors or …

Business Bankruptcy Lawyers in Albuquerque

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Albuquerque Business Bankruptcy Information

Business Bankruptcy

A Albuquerque Business Bankruptcy can be a great option if your business is unable to meet its financial obligations and is looking to either restructure debt obligations or liquidate assets. Depending on your company's current financial position, one or both strategies may be an option.

Business Bankruptcy Options

Provided the bankruptcy is not involuntary, your Business Bankruptcy Attorney may recommend either a Chapter 11 ("reorganization"), or chapter 7 ("liquidation") bankruptcy to deal with your company's financial issues.

A Chapter 11 allows a business to reorganize debts and pay off creditor's over a period of time up to five years. A Chapter 7 liquidation forces the company to literally liquidate all assets, pay off creditors, and ultimately, stop operating. This is typically the least desirable option that your Business Bankruptcy Attorney will try to help you avoid.

Best Time to Seek Legal Help

No matter what your legal issue may be, it is always best to seek legal help early in the process. An attorney can help secure what is likely to be the best possible outcome for your situation and avoid both unnecessary complications or errors.

Tips on Approaching an Initial Attorney Consultation

  • Use the consultation as a means of gaining a better understanding of your legal situation.
  • Ask the attorney how many cases similar to yours he/she has handled. An attorney's experience and knowledge can speak to their expertise (or lack of) in addressing your situation.
  • Your attorney should be able to articulate roughly how long a case like yours will take to resolve and what sort of procedures to expect.
  • Determine how comfortable you are working with the lawyer and/or law firm.

How will an attorney charge me?

A reputable attorney will be very upfront about how he/she will charge you. The three most common fee structures that attorneys use to charge for their services are:

  • Bill by the hour
  • Contingent fee agreement
  • Flat fee agreement

Depending on your specific legal situation, it's possible that only one type of fee structure is available. For instance, criminal defense attorneys almost always bill by the hour. In a flat fee arrangement, an attorney accepts a one-time payment to help you resolve your issue. With a contingent fee agreement, the client pays little to nothing upfront and the attorney receives a percentage of the money recovered if you win your case.

Common legal terms explained

Pro se - This Latin term refers to representing yourself in court instead of hiring professional legal counsel. Pro se representation can occur in either criminal or civil cases.

Statute - Refers to a law created by a legislative body. For example, the laws enacted by Congress are statutes.

Subject matter jurisdiction - Requirement that a particular court have authority to hear the claim based on the specific type of issue brought to the court. For example, the U.S. Bankruptcy Court only has subject matter jurisdiction over bankruptcy filings, therefore it does not have the authority to render binding judgment over other types of cases, such as divorce.

Lead Counsel Rated Attorneys

Lead Counsel's objective process independently verifies attorney records, conferring with state bars across the country and conducting annual reviews to confirm that the attorney practices in the legal categories as indicated, possesses a valid bar license, and is eligible to practice in the specific jurisdiction.