Bankruptcy and restructuring lawyers represent debtors, creditors, equity interest holders, and other entities that may be interested in a business (such as a prospective acquirer) that is confronting financial difficulties. The practice can involve out-of-court negotiations to restructure a company’s financial affairs without the intervention of a court or bankruptcy reorganization litigation; there are practitioners who focus on either one of these aspects and others whose practices encompass both. Likewise, there are firms that specialize in representing creditors, others that focus on the representation of debtors, and broad practices that do both. Lawyers are often drawn to restructuring work to straddle the business and litigation sides. Bankruptcy involves an arcane set of rules that can take a long time to master. There a...

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