Baltimore, Maryland Business Bankruptcy Attorney

Skilled Lawyer Assisting Business Owners Through Bankruptcy in Baltimore

Running an independent business can come with unpredictable financial troubles. One emergency or a dry season is all it may take to bury you in debt. If you are struggling with your financial obligations, you could benefit from the services of a Baltimore, MD business bankruptcy attorney to address your outstanding debts.

At The Law Office of Donald L. Bell, we have over 20 years of experience representing consumers and business owners in bankruptcy cases. Attorney Donald Bell can guide you through your case from start to finish, exploring all possible avenues to help you take care of your debts while keeping your business up and running.

Why Should I File for Bankruptcy as a Business Owner?

Some people view bankruptcy as a sign that their business has failed. However, this is not always the case. On the contrary, many business owners use bankruptcy as a means to reorganize or restructure their business to address changing conditions.

Oftentimes, business bankruptcy is a measured response to circumstances outside of a business owner's control, such as:

• An unexpected downturn in the economy that tightens your budget
• Unprecedented emergencies or natural disasters costing you thousands of dollars in damages
• Emerging competition for your clientele forcing you to make aggressive changes in your sales strategy

At The Law Office of Donald L. Bell, we can help you explore your options to deal with financial burdens plaguing your business. Our attorney can sit down with you in a one-on-one discussion to see if filing for bankruptcy is the right call for your business. If bankruptcy is appropriate, then we can discuss what kind of bankruptcy is best suited for your needs.

Chapter 11 Bankruptcy for Business Owners

In some cases, a change in strategy is necessary to address your outstanding debts. By filing for Chapter 11 bankruptcy, you can get temporary relief from your financial obligations while you work toward reorganizing your business to become profitable again.

Filing for Chapter 11 bankruptcy is a multi-step process that can be made much simpler with the help of a skilled attorney. First, you must file a bankruptcy petition with the court. This step is critical, as it will allow the courts to issue an automatic stay against your creditors, preventing them from collecting on your debts while your bankruptcy case is ongoing. Then, you develop a reorganization plan to show how you will repay what you owe and maintain profitability. This plan must be approved by the court and your creditors before it can be implemented.

Once you fulfill the terms in your reorganization plan, you will exit bankruptcy and you can safely resume normal operations. At The Law Office of Donald L. Bell, we can work with you to help restructure your business in a way that will satisfy your creditors.

Filing for Chapter 5 Bankruptcy as a Small Business Owner

Chapter 5 bankruptcy is an alternative form of business bankruptcy that can be resolved much faster than a Chapter 11 petition. In many ways, it is similar to Chapter 11 bankruptcy, though Chapter 5 has some key benefits. There are many advantages to this approach, such as minimal court oversight and quicker approval for reorganization plans.

Chapter 5 has stricter eligibility requirements, and it is typically only used by smaller businesses that are engaged in commercial activity. At The Law Office of Donald L. Bell, we can review your eligibility for Chapter 5 to see if it is a viable option for you.

Contact a Baltimore, MD Business Bankruptcy Lawyer

At The Law Office of Donald L. Bell, we want to help your business thrive. We will do everything in our power to help your company stay running, taking your unique circumstances into account. To schedule a consultation with our Baltimore business bankruptcy attorney, call our offices at 301-614-0535 or contact us online today.