Business Bankruptcy Lawyers in Chicago, Illinois

When 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.