Chicago Business Bankruptcy Attorney

Many people think filing bankruptcy is always the same, even for different people in different situations. In some ways it is similar in many circumstances, but the procedures and the final outcomes vary greatly from case to case.

You are not alone in your decision to file bankruptcy. I am here to assist you through the process, and to offer you advice every step of the way. I am fully qualified to help individuals and small businesses deal with Chapter 7 debt relief, Chapter 11 debt reorganization and Chapter 13 debt repayment.

The economy these days is brutal and the going gets pretty rough at times. A Chicago bankruptcy lawyer, such as Jay F. Fortier, P.C. you will get what you need to help you: quality legal advice to ease your financial situation and plain and simple no nonsense solutions to solve your financial problems. We will listen to and understand your goals and your concerns and help you to achieve the best possible outcome.

Business Decisions
If your business is in serious financial trouble what do you have to take into consideration before you file for bankruptcy? Please check out the consumer bankruptcy page for basic information on the kinds of bankruptcy that are available to individual consumers and businesses.

There are several things I need to know to help you decide and prepare. For example, are you a corporation, a partnership or a sole proprietorship? One of the reasons I ask this is because corporations, limited liability companies and partnerships are separate entities from individual members, partners or shareholders. That means they are able to file Chapter 7 or Chapter 11 in their own name. However, these entities are not eligible for chapter 13.

The business form that you are using is also important because it can determine whether or not you will be personally liable for your business debt. A sole proprietorship, for example, is not a separate entity from the owner and is not able to file bankruptcy by itself in its own name. The owner (proprietor) must file. The owner may file Chapter 7, 11, 12 or 13 as long as the requirements to file for each respective chapter are met. A sole proprietor will be personally liable for all his or her business debts, meaning that creditors can look to him or her to satisfy the debt. Other business forms may allow you to escape personal liability, although realistically many creditors require that business owners accept personal liability or they will not extend credit.

Another difficult part of the decision to file bankruptcy involves trying to decide if the business should be re-organized (Chapter 11) or liquidated (Chapter 7), although realistically most reorganizations end up as liquidations. There are many business and personal financial planning questions to consider such as tax consequences, what will happen to employees, estate planning and business succession, as well as potential personal liability and asset protection to name a few.

The best way to handle these often overwhelming initial issues is to first figure out what caused the problems and whether or not they can be corrected. You should think about whether or not you want to continue to operate the business and whether or not it is viable to do so. Other questions you need to ask yourself are about company management. Do they have the current resources and will to reorganize the company?

You also need to keep in mind that reorganization does not solve all the ills of your business. It can’t create a market, increase your revenues or change your business skills or lack of them. It could, however, provide much needed cash to keep you going, help you streamline your contracts and customer obligations down to those who pay and stop money bleeding out due to collection action. It might also mean a chance to sell and get top dollar rather than settle for fire sale prices for the assets.

There are multiple options and at The Law Office of Jay F. Fortier, P.C. we know what those are and will explain them to you. We know that making decisions like these is often gut wrenching, and that is why we are here to help.

All of this takes time and commitment and may be expensive. It also means revealing all your financial matters without any withholding. Think twice about reorganization and consult with us on this issue. At The Law Office of Jay F. Fortier, P.C. we are able to help you navigate through the complex world of business bankruptcy law.

Questions, Questions, Questions
Is Chapter 7 the way to go, or Chapter 11 or 13?

What is best for my situation?

Will I be able to keep my assets and property?

What are the differences between straight liquidation and reorganization versus a non court sanctioned debt repayment plan or creditor negotiation?

I get these questions daily and I am very comfortable answering the many questions that always come up along the way. Bankruptcy is a big step. Before you give me a call, write out a list of questions and ask me about them during your free consultation.

Contact Chicago Business Bankruptcy Lawyer

The Law Office of Jay F. Fortier, P.C. remains committed to making its legal services as affordable as possible. However, business bankruptcy is generally even more complicated and much more time intensive that consumer bankruptcy. Depending on your situation, the process can become expensive. Still, it may be well worth the time and expense. We recommend that anyone experiencing financial difficulties with their business contact us for a free consultation. Although we may not be able to tell you exactly what the process will cost from start to finish we will begin to analyze your situation and suggest possible solutions. When you need it, we’re here to give you help for your future plans.