Eastern Shore Business Bankruptcy Attorneys
You can’t win today’s game playing by yesterday’s rules.
Experienced Guidance Through Creditor Workouts in Maryland
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.
Assistance Through 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 this type of 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 bankruptcy may just be a good business decision. Chapter 11 protections and their related legal tools are almost invariably much broader than assumed. Under the Bankruptcy Code’s 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.
Get Back on the Right Track With Us
Call our knowledgeable and understanding business bankruptcy lawyers today at 410-742-9171. You may also
schedule an initial consultation with our Salisbury, Maryland, law firm online.
We are a federally designated debt relief agency. We provide debt relief under the Bankruptcy Code.