When you own a small business, your primary goal is to make sure your business thrives. However, if for some reason, your business is not doing as well as it should and you must file for bankruptcy, you would need a lawyer to help you do this.
Why do you need bankruptcy business lawyers in Maryland?
Bankruptcy can be a tiring experience and can drain you both physically and emotionally. At the same time, this process can be the only way to salvage the situation. Bankruptcy is designed in a way to assist you to wind up your enterprise and mitigate the financial fallout. You can even file for business bankruptcy without having to completely shut down your company.
How to find a capable business bankruptcy lawyer in Maryland
- When you are facing such a crisis in Maryland, you need to first get a hold of names of some reputed bankruptcy attorneys near you. Most bankruptcy lawyers in maryland will offer a free of cost half- or full-hour consultation to answer your general queries. You can use this opportunity to see if you find the lawyer suitable for your case. In case you see that a lawyer is not really keen to take time out to meet you, you should consider this as a red flag and move on to the next name on your list.
- When you meet prospective bankruptcy lawyers, you must ask them first about how many years of experience they have in handling business bankruptcy cases. This is because bankruptcy lawyers can specialize in either business or personal bankruptcy cases. And rules, processes, and outcomes of each type are quite different from the other.
- Your bankruptcy attorney needs to understand that the requirements will be unique to business bankruptcy. So, he can make sure that the procedure is taken care of smoothly as early as possible so that your company can be protected.
- Your lawyer must also have extensive experience with filing bankruptcy under all three chapters, namely Chapters 7, 11, and 13. This is because filings can converge and if a lawyer specializes in only one specific kind of filing, he may not be right for the job.
- You need to do a background check on the lawyer’s educational background, experience, and credentials. Commercial bankruptcy lawyers must be typically certified by the local bankruptcy bar association or the state bar association.
- Your lawyer should be able to advise you correctly on whether bankruptcy filing is the best solution for you or there are alternatives you can opt for. For instance, when you file for bankruptcy under Chapter 7, it means the end of your company. So, in case there are feasible alternatives, your lawyer should be willing to explore those.
- Your attorney should also be willing to walk you through the entire process, so that you know what to expect. The lawyer must provide a timeline for your benefit. Under Chapters 11 or 13, he will assist you to come up with a debt reorganization scheme so that you can repay your debts.