Glen Burnie, Maryland Business Bankruptcy Attorney

Experienced Business Bankruptcy Lawyer for Clients in Glen Burnie

As a business owner, you will more than likely be faced with numerous financial challenges while running your company. Taking on some debt to cover expenses is expected, but when these debts start to add up, the future of your business could be threatened. A skilled Glen Burnie business bankruptcy lawyer can help you explore your options to confront these financial burdens so that you can focus on daily operations.

If you are considering filing for bankruptcy for your business, the smartest thing you can do is to reach out to a seasoned attorney. At The Law Office of Donald L. Bell, we have decades of experience handling bankruptcy cases for both consumers and business owners, and we can advise you of your best options to help protect your business's future.

When Is Filing for Bankruptcy Necessary?

Every business comes with its own unique circumstances, and as such, it might be difficult to determine exactly when it is necessary to file for bankruptcy. At The Law Office of Donald L. Bell, we can sit down with you to discuss your case and see if bankruptcy is an appropriate measure.

You might consider filing for bankruptcy if you are dealing with aggressive creditors who are trying to collect what they owe from you. If you have any secured debts like a vehicle or equipment loan, that property could be repossessed, possibly impeding your ability to conduct business. At The Law Office of Donald L. Bell, we can help you obtain an automatic stay against your creditors by filing a bankruptcy petition through the courts. This will prevent your creditors from going after you for payment while your bankruptcy is in effect, giving you the time you need to reassess your business strategy.

What Is a Reorganization Plan?

As part of your business bankruptcy petition, you will have to come up with a reorganization plan to satisfy your creditors. This plan will discuss how your debts will be restructured as well as the changes you will make to your business so that you can pay off those debts over time.

The complexity of making your reorganization plan may depend on the type of bankruptcy you file for. In Chapter 11 bankruptcy, you will have to seek approval from both your creditors and the bankruptcy court to determine if the plan is feasible and in the creditors' best interests. Waiting for approval and resolving disputes can be a lengthy process, which is why it is important to seek representation from a business bankruptcy attorney who can keep the legal proceedings moving.

In Chapter 5 bankruptcy, there is much less oversight from the courts, making the process of drafting a reorganization plan much faster and simpler. However, Chapter 5 bankruptcy is usually only available to smaller businesses.

How a Lawyer Can Help With Your Glen Burnie Business Bankruptcy Case

Having an experienced lawyer at your side can make all of the difference in your bankruptcy petition. At The Law Office of Donald L. Bell, we can walk you through the paperwork and filing of your initial bankruptcy petition, saving you precious time and getting the automatic stay into effect sooner. We can also represent you in hearings at bankruptcy court, addressing any questions put forward by the bankruptcy trustee and your creditors.

Attorney Donald Bell is here to alleviate your concerns in your business bankruptcy case. As a solo practitioner, he handles every case personally, ensuring that you will receive devoted legal assistance.

Contact a Glen Burnie, MD Business Bankruptcy Lawyer

At The Law Office of Donald L. Bell, we know how stressful it can be to deal with unmanageable debts. With the help of our Glen Burnie business bankruptcy attorney, you can restructure your debts and get the relief you need to reposition your business appropriately. Call us at 301-614-0535 or contact us online to set up an initial consultation.