Rockville, MD Business Bankruptcy Lawyer

Skilled Business Bankruptcy Attorney for Clients in Rockville

Handling the daily operations of your business is hard enough on its own. With the added stress of debt payments and the threat of repossession from your creditors, you may feel as though you are at wits' end. However, by working with a Rockville, Maryland business bankruptcy attorney, you can work toward a debt solution with minimal disruption to your daily operations.

Filing for bankruptcy should not be taken lightly. At The Law Office of Donald L. Bell, we have over 20 years of experience helping clients in consumer and commercial bankruptcy cases. We can provide you with counsel and representation to help you through your debt troubles.

Do I Need to File for Bankruptcy for My Business?

It is hard to gauge when you "need" to file for bankruptcy for the sake of your business. But most often, business owners file for bankruptcy when their financial issues become more than they can manage on their own. Common reasons for filing for business bankruptcy include:

Financial emergencies that come with large expenses
Sharp downturns in the economy
Multiple sources of debt
Decreasing sales
Issues with replenishing inventory

One or more of these factors can motivate business owners to file for bankruptcy. At The Law Office of Donald L. Bell, we can assess your situation to give you a clear idea of your options. If you think that bankruptcy is the best option for you after an initial consultation, we can help you move forward by taking action through the courts.

Keep in mind that filing for bankruptcy does that mean your business has failed or that it is going to fail. Bankruptcy can give you the opportunity to reshape your business to meet your economic needs and adjust to your new financial circumstances.

Should I File for Chapter 11 or Chapter 5 Bankruptcy?

Many business owners end up turning to Chapter 11 bankruptcy or Chapter 5 bankruptcy to address their outstanding debts. Whichever option you choose, you will have to create a reorganization plan that shows how you will restructure your debts to pay off your creditors. Both options offer you protection in the form of an automatic stay, which forbids your creditors from going after you for payment.

Where the two differ is the level of complexity. Chapter 5 bankruptcy gives you more freedom to control your business, and it requires less approval from outside parties such as the court's trustee or your creditors. However, Chapter 5 bankruptcy has stricter requirements that some businesses may not qualify for, including a debt limit. At The Law Office of Donald L. Bell, we can examine your financial circumstances and advise you of your best course of action.

How Can a Lawyer Help With My Business Bankruptcy?

If you are considering filing for bankruptcy for your business, you could greatly benefit from the services of an attorney. At The Law Office of Donald L. Bell, we can help you prepare all of the required paperwork and represent you in any required courtroom hearings during the process. We can also handle negotiations with creditors if any concerns arise about your ability to pay off your debts.

Throughout your case, we will serve as a constant source of guidance and advocacy. Our lawyer can help you draft a proper reorganization plan, drawing on years of experience and in-depth legal knowledge.

Meet With a Rockville, Maryland Business Bankruptcy Attorney

All businesses go through challenging times. At The Law Office of Donald L. Bell, our Rockville, MD business bankruptcy lawyer can help you seek relief from your creditors while working toward a solution to your financial troubles. When you work with us, you can rest assured that your case will be handled by a devoted solo practitioner. Call us at 301-614-0535 or contact us online to set up a consultation today.