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How to Choose a Bankruptcy Lawyer for a Restaurant
Since the inception of the COVID-19, many hotels have suffered severe financial losses. The pandemic has necessitated some restaurants to shut down to control the spread of the disease. Fortunately, you can take advantage of various relief policies that governments and private institutions have put in place. Bankruptcy lawyers specialize in identifying financial relief clients can claim in troubled times. In case you are looking for relief from your debts, here are the best strategies to help you identify a suitable bankruptcy lawyer.
Work with a lawyer with experience of many years in the industry. A lawyer who has been practicing bankruptcy law for more than five years is likely to know the different types of bankruptcy codes that suit the requirements of a specific client. For instance, chapter 9 bankruptcy code has different terms from chapter 13 law. Use the internet to search and identify a renowned attorney in your respective field to achieve maximum gain.
Select a bankruptcy lawyer with excellent communication skills. The professional will require explaining the different types of COVID-relief options available to you, and then advising the option that would suit your situation best. For instance, you have the option of taking a loan, seeking tax exemptions, or even laying off a portion of the employees to reduce the organization’s monthly expenses. The best attorney should explain technical, financial terms, and law jargon in a language that you can easily understand. Furthermore, the lawyer should be able to answer your questions.
Your preferred attorney should be confident and experienced in negotiating better terms to ensure you get the best relief. For instance, if you plan to get COVID-19 assistance from reducing your employees’ salary, bargaining rent reduction, tax reliefs, or even a loan extension, expect to face resistance. The bargaining skills of your selected lawyer will help you convince the people objecting to your relief measures.
Although you want a skilled professional, you should also look at the cost of the service. You are hiring a bankruptcy lawyer because you are already financially stretched. As such, engage an expert who will provide you expert services at an affordable cost. Due diligence is essential for you to compare the services attorneys are offering.
Scour the internet, contact your friends, and seek recommendations from other lawyers for a referral to an experienced and affordable bankruptcy lawyer. The due diligence will help you save money with the hiring process of an attorney.
Your preferred bankruptcy lawyer should have your best interest at heart. As such, the professional should advise you on the best option action approach to seeking relief for your restaurant business. If you can have a better means of relief without reducing your staff’s salaries, the lawyer should advise you on how to implement the strategy.
Finally, hire a bankruptcy lawyer with a valid license in your jurisdiction. While your relative or best friends could be a reputable lawyer in another country, the expertise would not be honored in another place unless the professional has the relevant permit credentials. Ask the lawyer whether he or she has a valid license before you sign the contract of representation.