What are the reasons people file for bankruptcy?

Bankruptcy is a fresh start to help get out from underneath the burden of debt. Most of the time, there are specific life circumstances that lead to changes in income or expenses, and bankruptcy can provide a lifeline when these unexpected circumstances occur

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Bankruptcy in Maryland

An important benefit of a business filing for Chapter 11 bankruptcy is that the Bankruptcy Code pursuant to 11 U.S.C. §507 prioritizes debt into categories and at the bottom are general unsecured claims, which can be paid a small percentage of their claims.

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Chapter 11 Bankruptcy

Chapter 11 can provide a lifeline to a debtor that cannot currently afford its secured claim payments as structured under the terms of the loan documents that govern the claim.

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