According to federal figures, the number of Maryland businesses seeking bankruptcy protection decreased in 2010. Approximately 814 Maryland companies filed bankruptcy in 2010, which is down 10 percent from 2009. Nationwide, business bankruptcies decreased 7.5 percent in 2010.
Maryland businesses also filed fewer Chapter 7 liquidations in 2010. Last year, 584 Maryland businesses filed for Chapter 7, which was down 15 percent from 2009. Some say that the decrease in business bankruptcies is a sign of a rebounding economy, and the landscape for small businesses is more stable for the future. Still, others say there is more to it than that.
One Maryland bankruptcy lawyer says that business owners have begun to realize that they do not need to file bankruptcy to close their business. Instead, they just close their doors and allow any creditors to get a judgment against a worthless entity.
Recent Maryland business bankruptcies include several construction companies, and the retail industry is struggling as well. The president of the Maryland Retailers Association noted all the empty storefronts in Annapolis. Ritz Camera and Mattress Discounters are two notable Maryland retailers that filed for bankruptcy in recent years.
Whether you are a business owner or a consumer, a Maryland bankruptcy attorney can tell you if bankruptcy is the right option for you. Contact an experienced bankruptcy lawyer in Maryland for a free and informative telephone consultation.