Business Bankruptcy Lawyers in Lake County, IllinoisWhen a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in Lake County, 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 Lake County, 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 Lake County, IL - The Lake County Bar Association in Waukegan, IL, maintains an online Lawyer Referral Services that helps individuals and businesses find a qualified attorney throughout Lake County, Illinois. The service also benefits the members of the Lake County Bar Association by providing them with another potential referral source. Attorneys are screened for their good standing with the Illinois State Bar and experience in a particular practice area. The attorneys must also maintained malpractice insurance. The attorneys serve on different panels based on their area of concentration.
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