The largest taxi company in Montgomery County has filed for bankruptcy and its CEO says it took a major hit from ride-booking companies like Uber and Lyft.

Barwood Taxi Service in Kensington, Maryland, has been in the county for 56 years.

"My dad was a taxi driver and so, when I was a small child, I rode with him in a taxi," said Lee Barnes, CEO of Barwood Inc.

But times have drastically changed since Barnes' father started the company. Barnes said companies that allow people to order a car from an app on their phone have made it difficult for traditional cab companies such as his to compete.

"There's been this imbalance and, most specifically, on fares, secondly, on entry into the market, driver licensing, criminal background checks," Barnes said.

According to Barnes, ride-booking companies do not undergo the same regulations as cab companies, allowing Uber and Lyft to have lower fares.

On Tuesday, Barnes filed for Chapter 11 bankruptcy protection.

"We filed a plan for reorganization so that we can work on changing our business model," he said.

Barnes said Barwood's cabs will be painted black and tablets will replace the old way of paying.

"It's quick, it's affordable and it's seamless. There's no exchange of your credit card," he said.

Barnes said he's hopeful the changes will help keep his business alive.