BUSINESS BANKRUPTCY AND INSOLVENCY

A Maryland bankruptcy lawyer at Broumas Law Group can help you figure out your options for your distressed business, whether to liquidate or reorganize under Chapter 11 bankruptcy. Succeeding as a small business owner is challenging under the best of circumstances. When business is in distress the situation is more complicated, more often than not the record keeping and accounting is behind, the business is on a COD basis and planning is relegated to crisis management. A Maryland attorney at Broumas Law Group recognizes that the situation requires more than legal “know how” the financial side of the business also needs attention. We combine legal, accounting and business planning expertise to provide the best possible chance to either succeed, workout of the bad situation, reorganize or to help the business owner recognize when it is time to wind the business down in an orderly manner

Chapter 11 Bankruptcy. Chapter 11 is a powerful tool. It will allow a business or even an individual to restructure and discharge debts. The most flexible of the bankruptcy chapters is designed for any size estate or business. Mortgages can be restructured along any normal commercial terms, interest rates can be modified and loans re-amortized over as long as 30 years. Because it allows so much flexibility it is also fairly complex both from a legal and financial perspective. At Broumas Law Group a Maryland bankruptcy attorney can help clients who need to reorganize or to liquidate in an orderly manner under Chapter 11. Unlike the other bankruptcy chapters a trustee is not appointed to help with the business decisions but the existing company management continues to operate the company as a debtor in possession.

Workouts, Restructuring or Orderly Business Shutdowns. If Chapter 11 is not a reasonable option, a Maryland bankruptcy lawyer at Broumas Law Group can assist your business with a workout, Restructuring or orderly business shutdown. Non-bankruptcy options can often be less costly and complicated for the small business. If there are limited numbers of lenders and those lenders are cooperative a workout or restructuring is often a viable, less expensive solution for the small business. A Maryland bankruptcy lawyer at Broumas Law Group we can help you organize the financial and legal materials to make a workout proposal to the businesses’ lenders. In situations where we can determine that the business is not likely to survive we can also help the small business shut its doors while minimizing the usual negative effects, taxes and leftover shareholder liabilities when this occurs.

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