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Illinois Business Bankruptcy Attorneys
Chicago Bankruptcy Lawyers At Loop Bankruptcy Can Help

 


Businesses can resolve unsettled debt problems in various ways.  Let the skilled attorneys at the Chicago law firm of Loop Bankruptcy, a service of Lakelaw, help explain all of business debt resolution options.

 

Business Bankruptcy Attorneys

Chicago, Cook County, Lake County

Contact us now (866) 525-3529

 

Under a Chapter 11 bankruptcy, a business will reorganize their debts by making payments toward their creditors from their cash and/or property going forward.  By contrast, when a business files under Chapter 7, they will cease to operate.  A trustee will be appointed to the case to liquidate the business’ assets and divide the proceeds among the creditors, allowing for an orderly and efficient liquidation. 

 

Our business-savvy lawyers understand the unique issues that businesses in financial trouble face.  

 

Businesses do not receive a discharge in bankruptcy, but the bankruptcy does provide closure and efficiency as a business reorganizes or closes. Bankruptcy also allows the automatic stay to protect the business from creditors racing to file lawsuits and attempting to seize business assets. 

 

Bankruptcy is not always necessary for a business in financial trouble. Contact us now. (866)525-3529

 

If a business plans to cease operations, bankruptcy may not be necessary.  The business owner can liquidate the assets themselves and use the proceeds to pay creditors.  Once the Articles of Dissolution are filed with the Secretary of State, the business is officially closed.  Although dissolution without bankruptcy is cheaper, a bankruptcy proceeding may be the preferred alternative due to the closurethat the process invokes.

 

Contact us now for a Free consultation with one of our experienced Illinois business bankruptcy attorneys to discuss how to handle your business debt.  (866)525-3529