Don’t Rush In! Plan the Maryland Bankruptcy Case That’s Right for You and Your Business
As an individual or business owner, when you get to the point where you are considering bankruptcy, you are aware of how serious your financial situation has become. For most people, the tipping point that makes bankruptcy a viable option is a gripping sense of fear—fear of losing a home, assets, or their business due to outstanding debts and insufficient funds.
Fear is an effective motivator, but it does not always inspire the wisest decisions. Many people rush into filing bankruptcy in an effort to make problems disappear, and there are lawyers who are all too happy to pick up another quick, cookie-cutter case. This can cause problems after filing, however, and can often cost clients much more in the long run.
Baltimore bankruptcy lawyer Ron Drescher has over twenty-five years of experience handling bankruptcy cases, and has seen the advantages of a bankruptcy case that has been well-planned and cautiously approached. While no two bankruptcy cases are alike, he has seen common reasons to approach filing for bankruptcy in a careful, organized manner, including:
- A thorough inventory of assets. If a client has too many assets, these may need to be transferred or “thinned out” in an effort to obtain maximum results.
- An honest appraisal of the client’s financial condition. No one likes surprises, least of all in a bankruptcy case. If any unexpected situations arise after filing for bankruptcy, the client could lose considerably more in a liquidation case.
- Proper timing to an interstate move. If the client is planning to move to a different state, the bankruptcy should be timed to take best advantage of any available exemptions.
- Taxes. Some taxes can be dischargeable based on certain timing elements, and the right attorney will be able to time your bankruptcy accordingly.
- Statute of limitations. Creditors have a window of time to pursue action against a debtor, and their time may have run out.
Drescher & Associates: Helping Bankruptcy Clients Start Anew
Although bankruptcy can be overwhelming and stressful, it can also be looked at as an opportunity to reevaluate your financial life and move forward. If you are looking for a hands-on approach to restructuring your financial future, call Maryland bankruptcy lawyer Ron Drescher at Drescher & Associates at 410.484.9000. Mr. Drescher and his team represent individuals and businesses in bankruptcy cases throughout Virginia, Delaware, Maryland, and Pennsylvania. Call today.