Bankruptcy Attorney

We all struggle from time to time to meet deadlines and repay money and loans that we have taken out. When starting a business or through the course or owning that business debts tend to rack up fairly quickly. What might be a small issue for an individual can easily become a huge debt for a business in a matter of months?

Bankruptcy is a legal process by which the debts of a person or a business are excused or defaulted on and the person or business is no longer responsible for the repayment of that loan or outstanding balance. IN most cases, a bankruptcy involving a business is also going to include liquidation of assets, selling off what can be sold to help repay as much of the loan as possible, and working to reaffirm those loans that are necessary to either keep the business going or to close it entirely.

With businesses, bankruptcy can be especially tricky in Chicago or anywhere else, mainly in cases where more than one person is involved in the running and finances of a business. In terms of business bankruptcy, the business is going to be bankrupt rather than the person in most cases and in the type of bankruptcy that is most common for businesses.

It is always best to have a Chicago bankruptcy attorney on your side to help you navigate through the process and make sure that the right debts are excused and the right debts are affirmed if any remain. Knowing what type of bankruptcy you should be filing, what is going to benefit you and your business best, and what you need to do to both start and complete the process is essential.

Our Chicago bankruptcy lawyers can help you to get your proceeding underway and can help you to get off on the right foot and back on the road to financial success and recovery. For those looking for a great law firm in Chicago, we can help with all your needs.

There are different types of proceeding for your business and for your individual proceeding as well. Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 11 bankruptcy are all used in business proceedings in terms of discharging debts. In Chicago, these types of bankruptcy are going to be varied based on what you need them to do.

Chapter 7 bankruptcy is a proceeding in which the assets of the business are going to be liquidated. With Chapter 7 bankruptcy all the assets that are part of the business are liquidated and then the balance is applied to the debts that are outstanding before the final debt is discharged. This is most common in cases where the business is being dissolved entirely and where it is not going to be working or functioning after the fact. Finding a good law firm in Chicago can help you to handle your Chicago proceeding as quickly and easily as possible.

With Chapter 7 bankruptcy you are going to be returning items that can be returned, selling off items and properties that you own, and then working to make sure you are repaying what you can before the proceeding goes on. With Chapter 7 bankruptcy it is always best to make sure it is the right option and that you are not going to be disappointed with the outcome.

With Chapter 13 bankruptcy, the most common type of business bankruptcy for those that want to keep running and that want to simply reaffirm loans and move things around, this is also referred to as adjustment of debts for individuals that have a regular income. This is often used for sole proprietorship businesses as when a sole proprietorship is set up, the owner and the business become one. Chapter 13 is often used when the goal is not to completely disband or close the business, but rather to simply reorganize it and change it around a bit. With this proceeding you can reaffirm some debts, you can change your debt, and you can create a repayment plan to help keep your business afloat.

The last type that is involved with the business is Chapter 11 bankruptcy. With Chapter 11 this is also referred to as reorganization. This can be used in terms of businesses that are partnerships, to begin with, and then are dissolving and the business is staying open and operating. With this type of proceeding you are going to reaffirm certain debts, liquidate others, and then also are going to help to keep the business running under a trustee to make sure that the business is going to keep working well and keep from incurring more debt. This also helps to dissolve partnerships and helps to release someone from their part in a business. With the help of the right Chicago lawyer or law firm, you can get the proceeding underway quickly and easily.

The process for filing either Chapter 7, Chapter 13, or Chapter 11 is all going to be similar. The first step is to get legal advice and talk to a lawyer about what you can do to get those debts discharged and keep on either running your business or close it entirely. Your bankruptcy attorney can help you to list your debts so that you can make sure they are all discharged in the bankruptcy proceeding.

You are also going to be asked to list your assets so that the bankruptcy court can determine which assets will be liquidated during the bankruptcy case. A lawyer can tell you just what assets will be liquidated, your rights and obligations under the U.S. Bankruptcy Code, and what you need to do to get your Chicago bankruptcy off to a good start and your debts discharged.

With a company that does have to file for bankruptcy, it is always going to be best to get a lawyer or an attorney for bankruptcy that understands the different chapter types, that understands how your particular business works, and that can help you with your debt relief from start to finish. Debt is not something that you have to be afraid of, with the right bankruptcy law education and the right bankruptcy lawyers, you can complete your proceeding with relative ease and can get back on track.