Chapter 11 bankruptcy provides businesses with time to reorganize themselves, while renegotiating debts and dealing with creditors. It can also provide debt relief to individuals who own assets that would be affected by Chapter 7 bankruptcy. For both businesses and individuals, there are advantages and disadvantages to Chapter 11 bankruptcy. It is important to speak with an experienced lawyer regarding your options.
At the Law Office of Ernest B. Fenton P.C., in Cook County, our attorneys can help you understand the process of Chapter 11 and whether it is an option that makes sense for your situation. Chapter 11 can be the only way to save a business that would otherwise fail due to debt. Some are filed to prevent the foreclosure of valuable real estate property and allow owners enough time to sell or develop that property.
Contact attorney Ernest B. Fenton to learn more information regarding Chapter 11 bankruptcy and debt relief in the Chicagoland area and throughout the state of Illinois.
Business Debt Reorganization With an Experienced Tinley Park Area Attorney
Chapter 11 bankruptcy can be an effective option when there are too many creditors for debt settlement to be viable and when the business is able to continue operations upon debt relief or restructuring. While businesses can continue to operate in Chapter 11 bankruptcy, they can only do so when they have the supervision of the bankruptcy court.
The bankruptcy court will enforce settlement terms on creditors in Chapter 11 bankruptcy. Our firm can help you understand what is likely to happen in the process and the expectations that you should have regarding business debt relief. If you are individual who is considering Chapter 11, we will help you understand if that is the best option for your circumstances.
Contact a Cook County Chapter 11 Bankruptcy Attorney
Learn more information about Chapter 11 bankruptcy in Illinois. Call the Law Office of Ernest B. Fenton P.C., at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment at our Homewood, Illinois, office.
