Business Bankruptcy Lawyers in Chicago, IllinoisWhen a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in Illinois.
For most publicly-held companies, filing for Chapter 11 bankruptcy is better because it is a way to rehabilitate the business.
Under a Chapter 7 bankruptcy, all of the assets are liquidated and the business is generally dissolved at the end. Most businesses, therefore, prefer to file for Chapter 11 bankruptcy, in which a trustee is appointed to reorganize the company's finances.
The business may then "emerge" from bankruptcy. Contact a business bankruptcy attorney in Illinois for legal advice.
Board Certification in Business Bankruptcy Law - The American Board of Certification (ABC) is accredited by the ABA to certify attorneys as specialists in business bankruptcy law.
NACBA serves the needs of consumer bankruptcy attorneys and works to protect the rights of consumer debtors.
Lawyer Referral Service in Chicago - The Chicago Bar Association sponsors a non-profit Lawyer Referral Service. The public service refers individuals and businesses to local attorneys in Chicago, and the surrounding areas of Cook County, DuPage County, and Lake County, Illinois. More than 300 pre-screened attorneys participate in the Lawyer Referral Service. These attorneys serve on more than 40 different subject matter panels depending on their experience in a particular practice area. The attorneys that participate in the service have an average of 20 years experience.
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