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Business Bankruptcy Lawyer in Kane County

Helping Your Business File for Bankruptcy

Is your business struggling with significant debt? If so, bankruptcy might be the best option. There are a few different types of bankruptcy that you can file for your business, each with different purposes and outcomes. One of the main considerations for struggling businesses is whether or not the business has a future of recovering from its current financial hardship, or if it should be dissolved. Our firm’s bankruptcy attorney in Kane County can help you navigate this difficult process and guide you toward the decision that is in your best interests.

Turn to a skilled legal advocate with nearly 35 years of experience. Call Hipple Law P.C. today at (847) 787-7179 for a free case evaluation.

Chapter 7 Liquidation Bankruptcy

A sole proprietor may file for Chapter 7 bankruptcy on behalf of his or her business. In Chapter 7, all of the business’ assets are liquidated, that is, distributed to its creditors. This form of bankruptcy almost always results in the business being dissolved in order to free the owner of any obligation to pay the company’s debt. If you believe your business is unlikely to recover and does not have enough assets to reorganize the debt in a new repayment plan, this is likely your best option.

Chapter 11 Reorganization Bankruptcy

In a Chapter 11 bankruptcy, a business makes an agreement with creditors to reorganize their repayment plan. This allows the business to resolve their debts over time without having to liquidate any assets. The process of getting the reorganization plan approved can be lengthy, and requires votes from creditors and approval from the bankruptcy court.

The court must deem your reorganization plan to be fair and feasible. It must also be determined that your creditors would receive as much payment under the new plan as they would have under a Chapter 7 bankruptcy.

Chapter 13 Personal Bankruptcy

You cannot file Chapter 13 for a business, but as a sole proprietor, you can pursue Chapter 13 to reorganize both your personal and business debts. This is often a wise option for business owners whose personal assets are involved with his or her business, as it protects them from liquidation. Additionally, if your business is a separate entity and you are not a sole proprietor, you can still file for Chapter 13 personally to free yourself from obligation to your business’ debt.

Protect Your Financial Future with Our Help

Contact the Kane County business bankruptcy lawyer at our firm today to learn more about the requirements and legal implications of filing for bankruptcy. Hipple Law P.C. has handled hundreds of bankruptcy cases and can provide you with trusted legal counsel.

Call (847) 787-7179 today to schedule your free consultation!

Awards

  • National Association of Consumer Bankruptcy Attorneys
  • Illinois State Bar Association
  • NOLO
  • American Bankruptcy Institute