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Business Bankruptcy in Illinois | Kane, DuPage, Will & Kendall

Business Bankruptcy Aurora Elgin Illinois

Business Bankruptcy Aurora Elgin Illinois

Business Bankruptcy in Illinois: Chapter 7 Bankruptcy Attorneys Serving DuPage, Kane, Kendall and Will Counties

Business bankruptcy in Illinois is a large part of our practice.  In this troubled economy, more and more businesses large and small are struggling to stay open. If your business is in overwhelming debt and you are considering closing its doors, Chapter 7 bankruptcy may be warranted.  Brad Covey is experienced in working with businesses of all sizes. From sole proprietorships to large corporations, we can help close your business in an orderly fashion.

Understanding Business Chapter 7 Bankruptcy

In Chapter 7 bankruptcy, also known as liquidation, a trustee takes possess of a business’ assets and uses the sale of those assets to repay creditors. Creditors are paid in order of risk with those who took the most risk paid last. In general, secured creditors are paid first, followed by unsecured creditors, bondholders and finally stockholders.

When to File for Business Chapter 7 Bankruptcy Protection

Chapter 7 bankruptcy is not appropriate or advisable for every business. In some cases, Chapter 11 bankruptcy, or an alternative to bankruptcy, may be a better option. Often the choice of whether or not your business should file for Chapter 7 bankruptcy protection depends on how closely your (and/or your business partner’s) personal finances are tied to the company. At Springer Brown, our attorneys are well versed in all types of business bankruptcy and bankruptcy alternatives. We will meet with you to evaluate the financial circumstances of your company before recommending a course of action.

Business bankruptcy filings can be complex issues, so it is important to hire an attorney who is experienced in handling these matters as well as any bankruptcy litigation that may arise in the course of the proceedings. Our attorneys have decades of experience handling bankruptcy cases for business of all types. Call us today to learn how we can help your business solve its debt problems.

 

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