Providing Cost Effective Legal Solutions

The Law Offices of Richard B. Rosenblatt, PC
Call Today for a Free Consultation
Local: 301-637-0402Toll Free: 866-930-0413
Creative, Aggressive, ExperienceD... We Solve Legal Problems
Menu View Our Practice Areas Menu In This Section

Rockville Bankruptcy Law Blog

Seeking relief through consumer bankruptcy in Maryland

Many individuals in Maryland and elsewhere have experienced periods of financial hardship throughout life. Those who constantly struggle to keep up with monetary obligations may wish to pursue relief, but they might be uncertain how to achieve this goal. When facing overwhelming amounts of debt, an individual may wish to know if consumer bankruptcy is the correct path with which to pursue a healthier financial future.

While one who is facing substantial amounts of debt may be eager to pursue relief, he or she might be uncertain where to start. One of the first steps is to gain an understanding of each available bankruptcy option, as well as how assets and debts are handled in the process. Each chapter of bankruptcy may provide its own potential advantages and disadvantages, and gaining an understanding of the available outlets could prove invaluable to choosing the correct path with which to proceed.

Consumer bankruptcy: The impact debt can have on one's health

Many individuals in Maryland and across the country have experienced the burdens of debt at some point in life. Although the financial weight of debt can be troublesome enough as is, studies suggest that these issues can also impact a person's physical and emotional well-being. Those who are dealing with a similar circumstance may wish to protect this area of life, and they could find it beneficial to consider pursuing relief through consumer bankruptcy.

According to studies, financial concerns are the leading cause of stress in the nation. Many individuals are already living from paycheck to paycheck, and the financial instability of being unable to save for an emergency can put an emotional strain on a person. If these issues persist, the stress of overwhelming monetary burdens could also create deeper emotional issues, potentially causing one to suffer from conditions such as depression and anxiety.

Hotel and casino seeks relief via reorganization in bankruptcy

When an individual chooses to buy a business in Maryland or elsewhere, he or she may also take responsibility for its debts in the process. In some cases, a new owner might be able to restructure finances and achieve success, while in others, further assistance may be required. Business owners who experience periods of financial hardship under similar circumstances may find it helpful to explore the benefits of reorganization through Chapter 11 bankruptcy.

A hotel and casino in another state has recently filed for bankruptcy protection after facing similar challenges. In 2012, the company underwent a change in ownership, and although those who purchased it attempted to overcome financial difficulties, they reportedly claimed that further assistance was necessary. The owners employ as many as 22 others, and have advised they wish to keep every member of the staff throughout the process.

Home health care company pursuing relief through reorganization

When small business owners in Maryland and across the country begin to experience financial hardships, they might have concerns regarding the future of their companies. Should these issues persist, some could have trouble keeping up with monetary obligations, potentially prompting a need for relief. A home health care company in another state has recently filed for Chapter 11 bankruptcy, and is reportedly attempting to remain operational through financial reorganization.

According to reports, the company provides home health care to individuals with severe cardiac conditions following their release from the hospital. The company claims that recent financial troubles, some of which revolve around billing, have led to the decision to file for bankruptcy. It also asserts that its debt liabilities range anywhere from $500,001 to $1 million, while its assets are below $500,000.

Wage-earner plan: Purchasing or leasing a home after bankruptcy

When facing prolonged periods of financial hardship, individuals in Maryland and elsewhere may have certain reservations concerning the available options for relief. Those who have thought about pursuing relief through a wage\-earner plan might wonder about the impact a similar process could have on their ability to purchase or rent a home. However, this form of hesitation may be unnecessary, and seeking guidance could help one overcome any previous concerns.

Filing for bankruptcy will inherently have an impact on a person's credit, and while this may make it more difficult to rent or buy a home, it doesn't necessarily make it impossible. Landlords and lenders may take one's credit score into account when determining eligibility, but they may also consider additional factors as well. For example, when attempting to rent a home, if one can provide letters of recommendation and reference from a current landlord or other viable sources, the process could be much less difficult.

Consumer bankruptcy: Careful consideration of options may be key

When individuals in Maryland or elsewhere find themselves suffering under the hardships of debt, seeking relief could be crucial to their future. However, with numerous available outlets, the process can be somewhat intimidating, which might cause one to rush into an agreement that isn't what it seems. Those who are offered a settlement plan may find it beneficial to proceed with caution, as consumer bankruptcy could be a much more viable outlet for relief.

At first glance, an offer for debt settlement can be enticing, perhaps especially for those who believe that paying back their debts is favorable. Negotiating a lesser amount might decrease monthly payments, but it may do little to protect one against collection attempts and wage garnishment. In addition, their debts could continue to be subjected to interest rates and fees, and since the process can take years, the amount required to complete a settlement agreement may end up being close to the original amount owed.

Financial hardships leave toy company in need of reorganization

When a business is one of the frontrunners in its respective field, the level of success achieved can be substantial. However, as the number of competitors increases, some companies in Maryland and elsewhere could begin to fall behind, which can lead to financial difficulties despite previous earnings. Should these hardships persist, a business could experience a need for financial reorganization in order to remain operational.

Toys "R" Us began as a vendor for cribs and carriages, and eventually expanded its collection to include toys for children. The company achieved a significant amount of success over almost 70 years of operation. However, with an increase in competition and a change in business models, the company has recently fallen behind financially, and is currently facing up to $5 billion in debts.

Produce company regains success through financial reorganization

As businesses in Maryland and elsewhere reach a certain level of success, some may choose to branch out and take on new endeavors. While these exciting new prospects could lead to a substantial increase in profits, there may also be a certain level of risk involved. After experiencing hardships under similar circumstances, a business in another state was recently able to overcome financial challenges and regain success through financial reorganization.

After reaching a certain level of growth, the organic produce company decided to expand operations to include a transportation service to aid in distribution. Unfortunately, this service experienced challenges that would ultimately force it to shut down three years later. Following the closure, the produce company began to struggle financially, eventually leading it to file for Chapter 11 bankruptcy.

Regional airline seeks protection during financial reorganization

When businesses in Maryland and across the country choose to expand operations, the prospect of new ventures can be exciting, but also intimidating. A similar process could require a significant investment, perhaps with little to no guarantee of success. Should these ventures not go according to plan, a business could be facing periods of hardship, potentially sparking a need for financial reorganization.

A regional airline in another state is experiencing similar difficulties, and has recently decided to discontinue flights in certain areas in an attempt to reorganize its finances. The company says these flights did not turn out as intended, and it needed to cut costs as a result. Financial losses over the past year have reportedly led to significant debts, and the company recently filed for protection via Chapter 11 bankruptcy.

Famous French bistro in need of financial reorganization

Many businesses in Maryland and elsewhere have fallen on hard times at some point in operation. Financial struggles can come in numerous forms, each of which could threaten the longevity of a business. A famous French bistro in another state has recently filed for bankruptcy amidst legal issues, likely in hopes of reclaiming financial stability through reorganization.

According to reports, the famous bistro Church and State has filed for Chapter 11 Bankruptcy after a lengthy legal battle has threatened its financial stability. The issue is reportedly in connection with a lawsuit filed by a former employer accusing the company of failing to pay wages for time worked. The lawsuit has reportedly placed the company under significant financial burdens, eventually leading to a need for relief through bankruptcy.

Contact US Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Offices of Richard B. Rosenblatt, PC
30 Courthouse Square Suite 302
Rockville, MD 20850

Toll Free: 866-930-0413
Phone: 301-637-0402
Fax: 301-838-3498
Rockville Law Office Map

The Law Office Of Richard B. Rosenblatt, PC