Orland Park, Illinois Chapter 11 Bankruptcy Attorney
Guidance for Chapter 11 Business Reorganization in Tinley Park, Chicago, and Cook County
Businesses with a high amount of debt that want to stay open often choose to file a Chapter 11 bankruptcy. Chapter 11, also known as business reorganization, provides companies protection from creditor collections while giving them time to reorganize and get back on their feet. If you own a business with debt problems and want to continue operations, Chapter 11 business reorganization may be the best solution. But this option is not right for every business, so it is best to consult with a qualified legal and financial counselor before choosing this route.
Since 1996, the Law Offices of Eric Zelazny have been helping businesses with Chapter 11 reorganizations in Will County, DuPage County and throughout Illinois. Attorney Eric Zelazny is a lawyer and CPA with in-depth knowledge of the federal bankruptcy code and how businesses can utilize it to help resolve their financial issues. Eric is known for taking on the tougher bankruptcy cases and often represents other professionals in the legal, financial and medical fields as well as businesses with more complex financial situations. Eric handles each case personally; offering free consultations and meeting you wherever is most convenient for you. Our attorneys take the time to thoroughly discuss your case and show you the best solution to resolve your financial dilemma.
What to Expect when Filing Chapter 11 Bankruptcy
A Chapter 11 proceeding is expensive and complex; involving a reorganization plan that must be submitted to the business creditors within 300 days of filing. Creditors may provide assistance in formulating the plan and those that represent at least two-thirds of the debt owed must accept it. The business is also required to file a disclosure statement to each creditor, which provides extensive information about its finances and future outlook. While the proceeding is ongoing, the business must file reports monthly to the bankruptcy court and update the court regularly on its progress in achieving the goals set out in the reorganization plan.
There is no set time limit for a business in Chapter 11 to repay its debts. The length of the plan is usually determined by the court and the average proceeding takes around five years. While in Chapter 11 bankruptcy, the business is allowed to continue to operate and generate revenue. If the reorganization plan is successful, it should emerge from bankruptcy much stronger and more financially stable than when it entered.
If your business is facing major debt problems and you believe Chapter 11 business reorganization might be your best option, contact the Law Offices of Eric Zelazny today at 708-888-2299 to schedule your free consultation. Attorney Zelazny will be happy to meet with you to talk about your financial situation and what solutions are available to you. Our small business bankruptcy attorneys represent clients for Chapter 11 bankruptcies and other business debt resolutions in Joliet, Tinley Park, Mokena, Frankfort, Orland Hills, New Lenox, Will County, and DuPage County.