Thinking About Bankruptcy? Plan Carefully, Says a Baltimore Bankruptcy Lawyer
Bankruptcy is not usually an option that people turn to quickly or easily. Financial conditions that mandate a large restructuring action like a bankruptcy can often build for years, as people work hard to try every available option before turning to bankruptcy.
Unfortunately, choices like this can often result in individuals draining their 401(k) or retirement accounts, selling property and assets, or simply letting the situation progress until they are sued or arrested. It is usually at this point that people contact a bankruptcy attorney.
Seek Help Early and Formulate a Strategy: Pre-Bankruptcy Planning
Like many milestone decisions, filing bankruptcy should not be a knee-jerk reaction. Many individuals and businesses initially panic after their finances reach a certain point, but before rushing into a bankruptcy case, it is wise to seek advice from an experienced bankruptcy lawyer.
Maryland bankruptcy attorney Ron Drescher has over twenty-five years of experience in bankruptcy law, and believes in careful planning and comprehensive strategic analysis prior to filing bankruptcy papers. Several factors can affect a bankruptcy case both positively and negatively, and it is critical to thoroughly examine the options that a client has available.
Though some people do not have a lot of time to react to an imminent financial crisis, the reality is that most people would benefit from taking the time to carefully assess their situation and proceed strategically. There are several options available to assist individuals and businesses in difficult positions, including establishing residency in a state that may offer better exemptions or a company’s ability to file a Chapter 11 bankruptcy.
Regardless of what prompted an individual or business to seek the professional advice of a bankruptcy attorney, one thing stands true—there is no “one size fits all” solution to offer clients. Different needs and situations demand different approaches, but the earlier a lawyer’s advice is sought, the more options are available to the client.
The Baltimore bankruptcy law firm Drescher & Associates has helped individuals and businesses through bankruptcy throughout Maryland, Virginia, Delaware, and Pennsylvania. With years of experience in bankruptcy, creditors’ rights, and commercial litigation, attorney Ron Drescher offers personalized service tailored to the unique needs of each client. Call today at 410.484.9000 if you are concerned about the state of your finances and interested in rebuilding your financial future.
