Owings Mills, MD Business Bankruptcy Lawyer

Reliable Attorney for Business Bankruptcy Petitions in Owings Mills, Maryland

In times of financial pressure, trying to maintain a profitable business can feel like an uphill battle. Issues beyond your control can hinder your progress, and as late expenses begin to pile up, you may begin to feel pressure from creditors to pay off your debts before your assets are seized. You do not have to deal with these financial woes by yourself. With the help of an Owings Mills business bankruptcy attorney, you can work toward a solution to preserve your business.

At The Law Office of Donald L. Bell, we have the skills and experience to help you navigate your business's financial troubles. As a bankruptcy lawyer with more than 20 years of experience, Attorney Donald Bell can work with you to reach a customized solution tailored to your needs.

Financial Challenges Faced by Businesses

There are different factors that can contribute to a business's financial struggles. Some of these factors may include:

Shifts in the economy
Disruptions in the supply chain, including issues with imported goods
Unexpected financial crises
Unmanageable interest on unpaid debts
Decreased sales

Many of these factors are beyond the control of most business owners, which can be immensely frustrating. At The Law Office of Donald L. Bell, we empathize with the struggles faced by businesses small and large. When you work with our firm, we will work to identify the root cause of your business's financial issues. Once we have figured out the problem, we can work efficiently to help you address it through a petition for bankruptcy.

Do not assume that filing for bankruptcy is a sign that your business has failed. If anything, it can be a necessary step to help your business adapt for the long term, allowing you to restructure your company in response to financial pressure.

The Difference Between Chapter 11 and Chapter 5 Bankruptcy

When it comes to business bankruptcy, there are generally two options that business owners can turn to. The first is Chapter 11 bankruptcy, which involves developing a plan to reorganize your business, as well as meeting with your creditors to discuss how you will restructure your debts. The second is Chapter 5 bankruptcy, which is a much more simplified version of Chapter 11 bankruptcy. Under Chapter 5 bankruptcy, you can retain greater control over your company during reorganization, and you do not need as much approval from the court or your creditors.

Between the two options, there is no one right answer. Chapter 5 bankruptcy is more accessible to smaller businesses, and is generally more affordable, but it is also subject to debt limits and stricter eligibility requirements. At The Law Office of Donald L. Bell, we can help you choose the best option for your business.

Benefits of Filing for Bankruptcy

One of the most significant upsides of filing for bankruptcy is that it allows you to get immediate relief from your creditors. When you file a bankruptcy petition, the court will prevent your creditors from collecting on their debts by issuing an automatic stay, which forbids them from making contact with you. This can give you the time and freedom to reassess your business strategy.

At The Law Office of Donald L. Bell, we can help you make the most of your bankruptcy petition by helping you draft new business contracts or looking for ways to cut operational costs.

Contact an Owings Mills Business Bankruptcy Attorney Today

Are you struggling to keep your business profitable during times of financial trouble? At The Law Office of Donald L. Bell, we can help you pursue bankruptcy as a means to obtain relief from creditors and adjust your strategy.

We are here to support you when your business has fallen on hard times. To schedule an initial consultation with our Owings Mills, MD business bankruptcy lawyer, call our firm at 301-614-0535 or reach out to us online today.