Small Business Bankruptcy

Chicago Business Bankruptcy Attorney

 

Helping Illinois Small Businesses Recover from Financial Problems

Businesses, just like individuals, can face financial problems. And like individuals, businesses have a number of legal options available for dealing with their financial setbacks. Chicago small business bankruptcy attorney Glenn Betancourt has years of experience helping both individuals and businesses recover from their financial troubles so that they can move forward to a successful future.

Contact our office in Des Plaines at (847) 768-5805 or our office in Chicago at (773) 252-5923 to schedule a free consultation to learn more about how he can help you with your small business bankruptcy.

Bankruptcy Options

Under a Chapter 11 bankruptcy, a small business can restructure their debts more favorably by continuing to make payments to their creditors. On the other hand, small businesses that file under Chapter 7, will have their property liquidated and their debts released, and they will discontinue business operations. When a business chooses to file Chapter 7 liquidation, a bankruptcy trustee will be appointed to oversee and assist with the liquidation of business assets and distribution of the proceeds among the creditors.

Unlike individuals, businesses do not receive a discharge in bankruptcy, but the bankruptcy can provide closure and a means of efficiently and effectively reorganizing the business or winding down the business, depending on the option chosen. Bankruptcy also allows the automatic stay to protect the business from creditors racing to file lawsuits and attempting to seize business assets.

Termination of Business

If a business plans to discontinue operations, bankruptcy may not be necessary. Instead, the business owner might choose to sell the business assets himself and use the proceeds to pay creditors. The business will officially be closed once the Articles of Dissolution are filed with the Secretary of State. Dissolution without bankruptcy might be cheaper in some cases, but a bankruptcy proceeding is often the preferred method for dealing with business liquidation since it provides closure and ensures that the creditors are paid equitably.

Get the Legal Help You Need

Chicago small business attorney Glenn Betancourt has nearly 20 years of experience helping businesses and individuals find a way out of their financial problems. Not only is he approachable and personable, but he offers reasonable rates.

With offices in both Des Plaines and Chicago, Glenn Betancourt provides exceptional legal services to a number of communities. As a bi-lingual attorney, he is able to provide legal advice to his clients in both English and Spanish so that they understand their legal options and the ramifications of each option.

If you are a small business facing financial difficulties, contact Chicago small business attorney Glenn Betancourt at (847) 768-5805 in Des Plaines or (773) 252-5923 in Chicago to learn more about how he can help you with your business bankruptcy.