Gaithersburg, Maryland Business Bankruptcy Lawyer

Skilled Bankruptcy Attorney for Business Owners in Gaithersburg, MD

The challenges of running a business cannot be understated. Keeping your company or practice afloat can be exhausting with the stress of daily operations, and sometimes, the financial stresses can feel like too much to bear. However, you do not have to deal with that stress alone. By working with a Gaithersburg business bankruptcy attorney, you can pursue a solution that addresses your financial needs.

At The Law Office of Donald L. Bell, we bring more than 20 years of experience to the table in all matters of bankruptcy, well-versed in both consumer and business bankruptcy cases. When you work with our firm, we will do everything we can to help you get relief from your debts.

Financial Stressors for Businesses

Every business comes with its own unique struggles. In times of economic strife or uncertainty, business owners may face increased adversity. Common stressors for businesses include:

• Disruptions to the Supply Chain: If your inventory runs short unexpectedly, you may struggle to meet customer demand, leading to financial losses.
• Mounting Debt: It is natural for businesses to take on debt over time. However, multiple sources of debt can quickly become overwhelming with creditors approaching you for payment.
• Declining Sales: It can be hard to predict how the market for a business can change. When customers do not bring in as much revenue as you anticipated, you may struggle to keep ahead of operating costs.

At The Law Office of Donald L. Bell, we are familiar with the struggles inherent to running a business. Oftentimes, these problems can be attributed to circumstances outside of your control. We can help you pursue bankruptcy as a means to handle your debts or reorganize your business to reflect changed circumstances.

What Is Chapter 11 Bankruptcy?

The main purpose of Chapter 11 bankruptcy is to reassess your business structure and look for a way to return to profitability. This involves drafting a reorganization plan that outlines how debts and daily operations will be sorted out. This reorganization plan must be realistic and feasible to satisfy both the bankruptcy court and your creditors. The reorganization may involve liquidating some of your assets, reducing operational expenses, or drafting new business contracts.

Chapter 11 bankruptcy comes with other responsibilities. Aside from drafting a reorganization plan, you will also have to appear at a hearing in bankruptcy court with your creditors. At The Law Office of Donald L. Bell, we can represent you at this hearing and address any questions from the court. We will pursue a solution that involves minimal disruption to your daily operations.

What Is Chapter 5 Bankruptcy?

If you are looking for a more convenient, streamlined alternative to Chapter 11 bankruptcy, you could consider filing for Chapter 5 bankruptcy. This option involves less court involvement, which can speed up the process while keeping costs down. However, this option is typically only available to smaller businesses, enforced by a hard debt limit that increases every three years.

In Chapter 5 bankruptcy, there is less oversight from the bankruptcy trustee, allowing for the process to be completed in a matter of months. Another benefit of filing for Chapter 5 bankruptcy is that you will not have to surrender equity of your business to pay off creditors. At The Law Office of Donald L. Bell, we can see if you are eligible for Chapter 5 bankruptcy and pursue the best possible course of action.

Meet With a Gaithersburg, MD Business Bankruptcy Attorney

Running a business takes hard work. At The Law Office of Donald L. Bell, we want to see your business flourish. Our Gaithersburg business bankruptcy lawyer can help you tackle debts and reorganize your business to adapt to an ever-changing landscape. To schedule an initial consultation, call our firm at 301-614-0535 or contact us online today.