Experienced Bankruptcy Help For Maryland Businesses
Contact a Federally Designated Debt Relief Agency
The current economic turndown and other factors have resulted in stressful economic challenges for many businesses. Since 2008, all of the financial rules have changed. YOU CAN’T WIN TODAY’S GAME PLAYING BY YESTERDAY’S RULES.
Maybe you are attempting to formulate your business plan or workout plan based on only a partial understanding of your debt relief, asset protection, or bankruptcy rights.
Before you make flawed decisions or take potentially damaging action, consult with an experienced Chapter 11 Business Reorganization attorney. This could save you money, assets, and even your business.
Creditor Workouts
The Law Firm of Shaw and Crowson, P.A. is often retained to negotiate informal workouts on behalf of our business clients. In informal workouts, we will try to negotiate partial payments or extended payment plans with creditors. When successful, a workout will help a business remain a viable entity, while allowing creditors at least partial payment.
Chapter 11 – Business Debt Reorganization
There is a misperception about some forms of bankruptcy – that you are walking away from your financial obligations.
But a Chapter 11 does not mean you are giving up – it means you are not giving in. Chapter 11 is a Business Debt Reorganization. In a Chapter 11 bankruptcy, you are simply bringing all of your creditors to the same table and attempting to work out a solution that is financially acceptable for most, if not all, of the parties at that table.
Also, if creditors are unwilling to cooperate with you, a Chapter 11 bankruptcy can be a valuable tool that can be utilized to make your creditors see your financial side of things.
Moreover, in today’s economy, a Chapter 11 may just be a good business decision. Chapter 11 protections and their related legal tools are almost invariably much broader than assumed. Under Chapter 11 protection, you may be able to:
- Obtain “debtor-in-possession financing” from a third party
- Sell one or more assets in order to save your overall business
- Avoid paying certain taxes under your Chapter 11 reorganization plan
Furthermore, under Chapter 11 protection, business owners become “debtors in possession.” As a debtor in possession, you can:
- Continue to operate your business
- Modify or alter the terms of your business debt
- Renegotiate or reject contracts not yet fully performed
- Reduce unsecured debt
- Prevent asset seizure by creditors
A Chapter 11 bankruptcy is not always the best answer but it may be available to the individual or business owner who sees the “writing on the wall” and wants to get ahead of his or her creditors by restructuring business debt.
Contact Us
Don’t commit to the time and expense of driving all the way to the Western Shore. Contact The Law Firm of Shaw & Crowson, P.A., for effective and truly convenient legal services; we are located one block from the Salisbury courthouse. To contact us for experienced legal service close to home, call 410 202 8029 or 866 986 2096.
