Make a smooth transition into practicing bankruptcy law when you have the right resources. By adding this area to your practice, you’re opening yourself up to helping more clients in need and growing your law firm. With support materials and resources from NextChapter and Fastcase, you can add bankruptcy law to your practice with little hiccups.
Bankruptcy Law Types
As bankruptcy filings increase and you’re trying to catch up, there are a few most common bankruptcy types to be aware of. These cover both business and personal bankruptcy. They vary in complexity, and you can decide which types you want to take on for your practice, as there are benefits to each type of bankruptcy case.
The most common are:
- Chapter 7 Personal: Liquidation. This is when an individual can liquidate assets to cover the outstanding debt, and no payment plan is required.
- Chapter 13 Personal: Adjustment of Debts of an Individual with Regular Income. This is an option for those who are struggling to make payments on debt but who have a steady income, and they set up a payment plan to pay off debt in three to five years.
- Chapter 11 Business: Reorganization. This typically applies to corporations or partnerships and helps them stay in operation while paying off creditors with restructured debt.
- Chapter 7 Business: Liquidation. Businesses can forfeit assets and property to pay off debt without a payment plan.
When you’re just starting your bankruptcy practice and are wondering how to learn bankruptcy law, you need all the legal resources you can get. Fastcase provides a wide collection of bankruptcy books and content specifically for attorneys. You’ll find deep dives into areas such as types of bankruptcy chapters, the bankruptcy code, and basics of bankruptcy for new practitioners.
How NextChapter Helps
NextChapter guides you through the bankruptcy process from start to finish. With guided forms, checklists, scheduling tools, and a client portal, everything you need to manage bankruptcy cases is in one place. That’s why our bankruptcy software for attorneys is known as the “Turbo Tax of bankruptcy law.”
The solution is completely web-based so everything is stored securely on the cloud. The cloud-based bankruptcy software also has auto-fillable forms that make preparation fast and less complicated. And, our support staff and Help Center is available anytime you have a question on the software.
To start practicing bankruptcy law and to grow your practice, you need a solution that helps you:
- Manage deadlines and important dates, like 341 hearings
- Streamline the bankruptcy client intake process
- Integrate credit reports
- File with the bankruptcy court
NextChapter offers these features and many more.
Paralegal as a Service
Need more help getting your bankruptcy practice off the ground? NextChapter also offers Paralegal as a Service, your on-demand solution to finding expert paralegal help. Our virtual paralegals will take on your bankruptcy casework from beginning to end, giving you the time you need to focus on growing your practice and obtaining new bankruptcy clients.
Sign up for NextChapter today as you start to practice bankruptcy law.