A business bankruptcy does not necessarily mean the end of your business. For many situations, bankruptcy can truly mean a fresh start and an opportunity to recover from devastating financial problems. Bankruptcy relief is available to business entities as well as individuals who have incurred personal debt from keeping a struggling small business afloat.
The attorneys of Robert J. Adams & Associates can help you find acceptable bankruptcy solutions and shepherd you through the legal process. We take cases in Cook County and Lake County. Get a free consultation at (312) 724-5650.
Reprieve And Reorganization
Your business may be “underwater” due to personal reasons such as divorce or health problems, or because of business decisions, industry changes or a general economic downturn. Whatever the reasons for your woes, you may find solutions through bankruptcy:
- Chapter 11 reorganization allows a business entity (corporation, LLC or limited partnership) to keep creditors at bay while working out a plan to restructure your business and pay back some or all of the debt.
- Chapter 13 is a similar option for sole proprietors or general partnerships to reorganize and propose a repayment plan.
- Chapter 7 bankruptcy enables you to wind down a closely held business and liquidate assets on your own terms, with minimal personal exposure.
Reorganizing under Chapter 11 or Chapter 13 requires the consent of creditors or a bankruptcy trustee. Our knowledgeable lawyers can help you analyze your situation and strike the right balance — a realistic plan that will be palatable to the creditor committee or trustee.
Filing for bankruptcy invokes an automatic stay. Creditors cannot pursue collections, repossession or other legal action against you or your business while you are complying with the terms of the Bankruptcy Court.
See our Bankruptcy FAQ and bankruptcy blog for more information.
Explore Your Business Bankruptcy Options
Our Chicago bankruptcy lawyers have answers and many bankruptcy solutions for you. Work with our friendly and experienced attorneys, Robert J. Adams, Tina Adams, Michael C. Burr and Brian C. Pedersen to obtain relief from creditors and get a fresh financial start.
The law firm of Robert J. Adams & Associates welcomes new clients who need excellent legal representation and a chance to get that fresh start. If your business is sinking and the sharks are circling, contact a lawyer at Robert J. Adams & Associates today. We have offices in Chicago and Waukegan.
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