Baltimore Chapter 11 Bankruptcy Attorney

Bankruptcy Lawyer Serving Baltimore County and Montgomery County, Maryland

Under the United States Bankruptcy Code, Chapter 11 is a reorganization type of bankruptcy filing that is most often used by businesses, including corporate entities and sole proprietorships. This type of bankruptcy is also available to individuals though corporations are the most prominent users. While Chapter 7 is a liquidation process and Chapter 13 a reorganization process for individuals, Chapter 11 allows a business to restructure itself while under the protection of a Chapter 11 filing.

If you are a business owner who needs legal assistance with filing a Chapter 11 bankruptcy in the Baltimore area, it is strongly urged that you consult with the Baltimore bankruptcy lawyer at the firm about the specifics of your business situation. Baltimore Chapter 11 bankruptcy attorney Jillian Aylward has been practicing law since 1988 and brings an abundance of experience and legal skills to any bankruptcy case. With her extensive and continually updated knowledge and understanding of bankruptcy law, she can guide you through the bankruptcy process with superior skill and proficiency.

Chapter 11 Bankruptcy

In most cases in a Chapter 11 bankruptcy, the debtor-owner can continue to operate his business as the bankruptcy trustee. This is called a debtor in possession. In this type of bankruptcy, a reorganization of the business is usually done although liquidation is also an option. A bankruptcy plan is submitted to the court delineating how debts will be addressed and how the business will operate. When the plan is confirmed by the court, it becomes binding for the duration proposed, which is usually 120 days. After that time, creditors may propose reorganization plans to the court.

During the bankruptcy period, the debtor in possession may obtain new financing or cancel or reject contracts. An automatic stay halting any actions by creditors is also imposed which protects the business from most litigation while reorganizing. A Chapter 11 bankruptcy may take a few months or last up to a few years, depending on the size and complexity of the situation.

To find out more about how your business may benefit from a Chapter 11 bankruptcy, it is important to speak with the Baltimore Chapter 11 bankruptcy lawyer at the firm. Since each case is unique, a solution that is appropriate to your needs can be investigated and begun.

Does your business need a Chapter 11 bankruptcy? Contact the Baltimore Chapter 11 Bankruptcy Attorney at the firm to learn more today!