The idea of filing bankruptcy frightens and intimidates many debtors. Often some nagging questions keep people overwhelmed by debt from seeking and obtaining the answers that they need. Get answers sooner rather than later in order to allow bankruptcy to make the greatest difference in the face of personal or business financial turmoil.
A Chapter 11 bankruptcy is most often appropriate when a business is crippled by excessive debt. Many business owners fear that excessive debt will translate to insolvency and ultimately, business failure. In fact, Chapter 11 bankruptcy is a debt relief solution that saves many businesses.
To get answers to your questions about Chapter 11 bankruptcy and whether it is best for your Illinois business, contact Ledford & Wu. Schedule a free initial consultation to discuss answers to frequently asked questions such as the following:
- Can we keep our business' assets if we file Chapter 11 bankruptcy? Most Chapter 11 bankruptcy filers are able to keep all their assets. All assets will become part of the bankruptcy estate. The bankruptcy estate will be managed by the business owners as the debt restructuring process of Chapter 11 takes shape.
- Can a business be sold while it is bankruptcy? Yes. We often advise business clients to get their business protected through Chapter 11 bankruptcy in order to prepare to sell it.
- Can we keep our business going while in bankruptcy? Most definitely yes. This is the ultimate purpose of filing Chapter 11 bankruptcy: to prepare to sell a business or to get it healthy again and retain ownership.
As you look for an attorney to handle your Chapter 11 bankruptcy, keep in mind that only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Ledford & Wu.
Get Answers to Your Questions About Chapter 11 Bankruptcy in Illinois · Contact an Experienced Chicago Bankruptcy Lawyer
Contact us today to schedule a no-obligation consultation regarding Chapter 11 bankruptcy as a potential solution to your business' debt problems.
*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
