It’s no secret that the harsh economic conditions in recent years has made life difficult for many Americans. As a bankruptcy lawyer in Maryland, this is something I have seen firsthand, as I fight on behalf of my clients and work to get them a brighter financial future, and a clean slate. However, it may come as a surprise to many that even doctors have been facing the bankruptcy crunch.
In a recent story on CNN Money, the growing trend of doctors needing a chapter 11 bankruptcy lawyer to either try to save their business was profiled. It’s startling news, particularly in this country, where we typically envision our doctors to have stable, recession-proof incomes.
So what does this all mean, and what can be done to prevent it from happening to you?
There are numerous reasons why doctors are suddenly facing bankruptcy more often. Yet, in the cited article, we’re told that the doctors profiled had zero malpractice lawsuits against them, and that all were “top notch doctors.”
Instead, it was everything from consumers cutting back on visits and elective procedures, to shrinking insurance reimbursements, expensive malpractice insurance, and much more, which took their toll. Primary care physicians and those serving underserved communities have been even harder hit than most. In other words, even upstanding professionals trying to do the greater good were the victims of factors beyond the control.
Turning to the positive, several of the doctors profiled were able to save their business via chapter 11 restructuring. It’s important to remember that in many instances, there is a way out, and with the help of a seasoned and experienced bankruptcy lawyer in Maryland, many businesses can be saved.
At the Law Offices of Brandon Bernstein, we have a broad range of experience serving our clients as affordable Maryland bankruptcy lawyers. While this includes filing personal chapter 7 and chapter 13 bankruptcies, and serving as a chapter 11 bankruptcy lawyer in Maryland for businesses, we also work with our clients to find viable alternatives to bankruptcy, such as loan workouts.
Whether you’re a doctor or you run a business of any kind, it’s always better to seek assistance sooner rather than later. By looking ahead and protecting yourself early, we will be able to better stay on top of things, and put together a superior plan to protect your personal assets, the health and future of your business, and your family.
Call the Law Offices of Brandon Bernstein at 240.395.1418 today, and schedule a free consultation. We’ll be happy to tell you more about how we can help you as your new bankruptcy lawyer in Maryland.