Illinois Bankruptcy and Debt Relief Attorneys
At Springer Brown, our attorneys are practiced in numerous areas of bankruptcy law.
Whether your consumer or business bankruptcy is straightforward or complex, the attorneys at Springer Brown have the experience and legal knowledge to protect your interests. We work with individuals from all walks of life and businesses of all sizes. Call us today to schedule a free initial consultation and discuss your financial circumstances. We will evaluate your situation and advise you on how to best regain your financial security.
Our services include:
A company’s assets are liquidated and the funds are used to repay creditors. The company goes out of business.
A business is protected from creditors while it reorganizes and determines how to repay debt. The business can remain open while restructuring. Congress recently amended the Bankruptcy Code to add a special section for small business debtors, intended to make it less burdensome and costly for small buisness debtors to reorganize.
Business Bankruptcy Alternatives
These are ways in which businesses can handle debt without filing for bankruptcy:
A business is liquidated under state law as opposed to federal law, which governs bankruptcy proceedings.
An agreement made with creditors outside of court to repay debt.
Lawsuits filed in bankruptcy court by debtors, creditors and trustees are called Adversary Proceedings (APs). There are a variety of circumstances that can trigger bankruptcy litigation.
“Straight bankruptcy” in which a debtor can obtain a discharge of all unsecured debts.
Chapter 13 bankruptcy “Reorganization” of debt in which a 3 to 5 year payment plan is set up for debtors to settle their debts without losing their property.
Chapter 11 bankruptcy "Reorganization" in which an indiviual proposes a plan to pay their creditors. Individual chapter 11 bankruptcy cases are primarily reserve for individuals who are over the chapter 13 debt limit.