What Is Small Business Reorganization And Bankruptcy?


COVID-19 has changed the landscape of Bankruptcy Law in Illinois. Robert J. Adams & Associates remains open to assist you through these challenging and confusing times. We are offering Remote Filings to Facilitate Our Clients.

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What Is Small Business Reorganization And Bankruptcy?

When businesses (individual owned or incorporated) are overwhelmed with debt and with no practical way of negotiating with creditors they should look to our bankruptcy laws.

The question becomes can the company survive if there can be a reasonable plan to deal with its debts. The following Chapters explore reorganization through our bankruptcy laws. Or, if the business must shut down how to close the business and limiting the impact on the owners and stockholders.

Our experiences have shown each client is unique and so are its problems and its solutions.

Before determining the options for a small business it has to be determined how the business is owned:

  1. Sole Proprietorship: either individually or a married couple.
  2. A Partnership
  3. A Corporation including LLCs and S corporations. This can include a For Profit corporation or a Not-For-Profit Corporation.

For more information on Small Business Reorganization, a Complimentary consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 724-5650 today.

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