Germantown, MD Business Bankruptcy Attorney

Experienced Lawyer for Business Bankruptcy Concerns in Germantown

Have you been confronted with severe financial difficulties in running your business? Are you inundated with debts that you cannot seem to shake? Are you being harassed by creditors trying to collect payment? If any of these ring true, you could benefit from the services of a Germantown business bankruptcy attorney.

As you likely know already, running a business takes extreme dedication. At The Law Office of Donald L. Bell, we understand just how much financial burdens can affect your daily operations. We are here to help relieve you of those burdens by pursuing a smart bankruptcy solution. When you work with our firm, you will receive individualized attention as we strategize with you one-on-one to address your business's needs.

How Filing for Bankruptcy Can Help Your Business

There is a stigma attached to the word "bankruptcy" that turns many people away. Many business owners see filing for bankruptcy as a sign of failure. However, this pessimistic view does not always reflect reality. Filing for bankruptcy as a business owner can give you the time you need to fix the issues plaguing your daily operations.

When you initiate the bankruptcy process through the courts, an automatic stay will be issued against your creditors. While the stay is in effect, your creditors cannot approach you to collect on their debts, and must cease all debt collection activities. This can give you the time you need to strategize and figure out how to make your business profitable again.

Consider Filing for Chapter 11 Bankruptcy

If you need relief from your debts as a business owner, you could consider filing for Chapter 11 bankruptcy. This is a fairly involved process with multiple steps, but an attorney can guide you through your petition to protect your best interests.

Before you file for bankruptcy, our firm can review your business's circumstances to determine if Chapter 11 is right for you. We will be transparent about your options and advise you of the best course of action based on your specific situation.

If Chapter 11 is right for you, we can move ahead with your petition for bankruptcy. As soon as we enter your petition, the automatic stay will go into effect. Then, we can start working on your reorganization plan, a document that essentially outlines how you will make your business profitable by restructuring your business and debts.

As part of your Chapter 11 bankruptcy petition, you may also have to negotiate with your creditors. At The Law Office of Donald L. Bell, we can speak on your behalf to work out new business contracts, payment schedules, and other agreements to keep your petition moving along.

How Is Chapter 5 Bankruptcy Different From Chapter 11 Bankruptcy?

Chapter 5 bankruptcy can be thought of as a simpler version of Chapter 11 bankruptcy. In general, Chapter 5 involves less oversight from creditors and the court, and it can be completed in a shorter time frame. That being said, the eligibility requirements for Chapter 5 bankruptcy are stricter than Chapter 11. To qualify for Chapter 5 bankruptcy, you must actively be engaged in commercial activities, and at least 50 percent of your debt must be business-related. On top of that, your debt must fall below a certain limit.

At The Law Office of Donald L. Bell, we can assess your eligibility for Chapter 5. If you meet the qualifications, we can file a petition for Chapter 5 bankruptcy on your behalf for a quicker, easier process.

Meet With a Germantown, Maryland Business Bankruptcy Lawyer

At The Law Office of Donald L. Bell, we are here to help you protect the long-term interests of your business. Our Germantown business bankruptcy attorney can give you an idea of your options and move forward with an intelligent strategy. Call us at 301-614-0535 or contact us online to schedule a free consultation today.