There are few things more disheartening than realizing that your business can no longer shoulder its debt load. Like many business owners in Maryland you might think that this is the end of the road for your business, but you might be overlooking an important option — Chapter 11 bankruptcy. This form of bankruptcy is most frequently associated with big corporations, but can also help professionals and executives who are worried about their personal business assets.

Depending on your situation, you could be facing more than just the loss of your business assets — you could also lose your home. Filing for bankruptcy sooner rather than later can help protect those assets. For example, filing for Chapter 11 bankruptcy immediately stops foreclosure actions and repossessions of business and professional assets that are in your name.

Unlike other forms of bankruptcy, Chapter 11 is not typically designed to discharge debt. Instead, you restructure your debt in a manner that makes it much more manageable to pay off. Your restructured debt will have lower interest rates, and you will not have to worry about penalties or late fees. This means that not only are you protecting your assets and business reputation, but you are also saving thousands of dollars in interest and fees.

Chapter 11 bankruptcy is an excellent resource for business owners, executives and other professionals who need help with their debt. But making this important step can feel overwhelming, and you might be hesitant to move forward into an area with which you are not familiar. Instead of tackling this problem alone, you may want to consider reaching out to an experienced attorney who can better explain your options. You can also find more information about bankruptcy in Maryland right here on our website.