Chapter 11 Bankruptcy for Business Owners
Illinois Bankruptcy Attorneys ◊ 630-405-5027
When the economy suffers, small business owners suffer. As a small business owner, the recent downturn in the economy may have significantly reduced your profits and placed your company in economic peril.
If you are a small business owner in Northern Illinois and your company is drowning in debt, contact the experienced business bankruptcy attorneys at Illini Legal Services. We have more than 30 years of experience in bankruptcy law.
Chapter 11 Bankruptcy
One of the ways we can help your company is through a Chapter 11 bankruptcy. Often referred to as a business reorganization, a Chapter 11 bankruptcy is designed to help business owners pay their debts gradually, discharge a certain portion of debts, and continue to operate their business. In limited cases, the Court may appoint a trustee to operate a business in Chapter 11 proceedings, but in most cases the business owner seeking Chapter 11 relief will continue the day-to-day operations of his or her business.
Submitting Your Plan
If retained to handle your Chapter 11 bankruptcy, we will submit a business reorganization plan to the Bankruptcy Court on your behalf. The plan will propose how you will pay off your debts and what portions of the debt will be paid. In most cases, the plans we propose for our clients call for a reduction of their overall debt.
Once your debt plan has been submitted to the Court for consideration, any creditor whose rights have been impaired (if they get less money or otherwise suffer a loss of rights) may vote on the approval of your plan. After the interested creditors vote, the Bankruptcy Court judge will consider the plan for approval or denial.
The U.S. Trustee
In Chapter 11 bankruptcy cases, a U.S. Trustee will provide oversight of your business reorganization throughout the process of your bankruptcy. In addition to providing detailed information about your assets and debts at the time you apply for bankruptcy, you must continue to provide financial information to the U.S. Trustee during the period of your reorganization.
Discharging Debts
Generally, the Court's approval and confirmation of your plan constitutes a discharge of your business debts. You must continue to make payments according to the plan and abide by the provisions of the Court's bankruptcy order.
Contact Us
To speak with an Illinois business bankruptcy lawyer, contact Illini Legal Services in Aurora, Oswego or West Chicago. To schedule a free consultation, call 630-405-5027 or contact us by e-mail.
Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
