When businesses in Rockville are forced into bankruptcy, it is rarely due to one single reason. Rather, a unique (and unanticipated) confluence of factors contributes to it experiencing financial struggles. Oftentimes alternative revenue streams may be available to offset major losses, but when a company specializes in a single service, finding other sources of funds can be difficult. Ultimately, bankruptcy might be the only option if a struggling company wants to stay in business.
If you are a Maryland small business owner struggling to stay afloat, you may be searching for options to keep your company open. Depending on your specific situation, bankruptcy may provide the breathing room you need. At The Law Offices of Richard B. Rosenblatt, PC, we frequently assist clients in finding the best resolution to their debt problems and help them get back on track.
Filing a bankruptcy petition can be tough for anyone, but some people face an especially difficult time when it comes to the bankruptcy process. For example, those who have complex financial circumstances may be unsure of which route to take or how bankruptcy will affect their finances. This is often especially true for someone who has never filed for bankruptcy before. If you are planning on going through bankruptcy for the first time, it is pivotal to be fully prepared.
When a business runs into challenging financial situations, it has several options available. One option is to file bankruptcy, although there are several types of bankruptcies to choose from. If a company wishes to remain in business, the company may want to consider a Chapter 11 bankruptcy. This is what one company recently did and is now working with an investment banking firm in Maryland to help with its reorganization.
The government shutdown in October did more than just put a lot of federal and military personnel in a tight financial spot -- it also affected many businesses and organizations, may they be federally-run or privately-operated. For one private business, Global Aviation Holdings, the shutdown seems to have caused their second bankruptcy of the year.