Are there any special provisions for filing for bankruptcy as a business?

Yes, businesses in Maryland can file for bankruptcy. Businesses in the state have the option to either file for Chapter 7 or Chapter 11 bankruptcy. Chapter 7 bankruptcy is available to both individuals and businesses. Under Chapter 7, any remaining assets are sold off and all eligible debt is discharged. On the other hand, Chapter 11 bankruptcy is only available to businesses. In Chapter 11, the business is allowed to stay open and reorganize its debt. The business must come up with a repayment plan and submit it to the court for approval. In addition, businesses in Maryland may be eligible for the Subchapter V program. This program is designed to make it easier for smaller businesses with more than one debtor to manage their debt. The program allows the business to submit a plan to the court outlining how it would repay its creditors over a certain period of time. In general, businesses in Maryland have the same options for bankruptcy as individuals. The main difference is that businesses have access to the Subchapter V program, which makes it easier to manage their debt.

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Are there any special provisions for filing for bankruptcy as a business?

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