Bowie, MD Chapter 11 Bankruptcy Attorney

Lawyer Helping to Restructure Business Debt Through Chapter 11 Bankruptcy in Bowie

Companies need to make a profit to remain in business. Although financial reserves can help with short-term cash flow fluctuations, you may need a more long-term debt relief solution. Business bankruptcy filings allow you to reorganize your debt, keep operating your company, and give you the breathing room you need to become profitable once again. However, Chapter 11 involves complex processes, and when looking for legal help with these issues, you need to choose your attorney with care.

Not every lawyer has the focused knowledge and financial acumen to advise large companies about bankruptcy. Hope Blocton at Bloc One Services, LLC does. After assessing your situation, she will explain the process, advantages, and disadvantages of Chapter 11 bankruptcy. This can help ensure that you can make a confident, informed decision about which solution will work best for your business. You get the benefits of her experience, knowledge, and skills, all at fair and reasonable prices.

The Chapter 11 Process in Bowie, Maryland

Filing for Chapter 11 bankruptcy is not fast or simple, but it can be very effective if you believe your company could begin to turn a profit after a reorganization. Attorney Hope Blocton can explain the process in more detail, and she will be beside you at every step.

Filing a Bankruptcy Petition

You can voluntarily choose to pursue Chapter 11 bankruptcy. In some cases, your creditors may be able to file an involuntary petition. Whichever applies to your company, you can trust us to take the appropriate action on your behalf.

Automatic Stay

Upon receipt of your bankruptcy petition, the bankruptcy court will issue an automatic stay. The stay protects you against creditor actions, such as garnishments and collections. In some cases, creditors may petition the court to lift the stay so they can continue collecting debts. Attorney Blocton can help respond to these requests and make sure you receive the proper protections.

Creating a Reorganization Plan

As the basis for your bankruptcy, your company must develop a comprehensive plan that outlines how you plan to repay debts and the operational changes you intend to make to improve your business's financial structure. You must show that your plan will allow your company to remain profitable. You may need to liquidate some assets, streamline your business expenses, and negotiate with your creditors for more favorable terms.

Negotiating With Creditors

When developing your reorganization plan, Ms. Blocton will negotiate with your creditors. She will protect your interests by asking for accommodations that could include an extended repayment period, lower payment amounts, forgiveness of some of your debt, and other solutions that could allow you to fulfill your obligations in a timely manner.

Getting Approval from Your Creditors and the Court

In some instances, your creditors may not approve your plan. Attorney Blocton can present your case in a hearing that determines whether the court will reject or approve your reorganization proposal.

Putting Your Plan Into Action

Once your reorganization proposal is approved, you must then make the agreed-upon adjustments. The court will monitor your activities to ensure that you comply. After completion of your plan, the court will no longer supervise your business operations.

Chapter 11 Challenges in Maryland

The Chapter 11 process can take several years to complete. Between court costs and legal fees, it can also be expensive. You must operate your business in accordance with your reorganization plan and your legal requirements under Chapter 11, so strict oversight and planning will need to happen on your end. If you need additional financing before your company's bankruptcy case is completed, the court has to give its approval.

You do not have to face these and other challenges alone. Attorney Blocton's advocacy does not end once your bankruptcy petition is filed and your reorganization plan is drafted. She will be available to address any issues throughout your company's Chapter 11 process.

Contact Our Bowie, Maryland Chapter 11 Bankruptcy Lawyer

When the future of your business is at stake, you must select the right attorney. Bloc One Services, LLC will safeguard your interests as we work to achieve your goals. We serve businesses in communities in and around Bowie, MD and Washington D.C. Your free consultation is waiting, so call us at 240-200-0076 or contact us online to schedule an appointment.