Is debt drowning your Kane County business? Talk to experienced Illinois bankruptcy lawyers at the Bach Law Offices, Inc to find out how you might be able to stay open and get out from under your debts.
Launching a business can be the endeavor of a lifetime. For some small business owners in Kane County, it may even have been the effort of several lifetimes. But whether you are the proud owner of a new boutique in Aurora or trying to keep the restaurant you inherited from your folks running in Geneva, hard times can fall on any business. And these days they seem to be falling hard and fast.
Recessions or pandemics can hit us hard and fast, leaving massive debts and crippled revenue. Debts can also accumulate over time, year after year, until we cannot get out from under them. You might be feeling optimistic that next year you can turn things around, but if you’ve said that for more than one or two years in a row, it might be time to look into a more drastic solution.
Serving all of northern Illinois and small businesses throughout the greater Chicago area, including in Kane County, the attorneys at the Bach Law Offices, Inc have built their business on helping individuals and entrepreneurs escape crushing debt through bankruptcy. When facing debts, you have rights and options you might not be aware of, and bankruptcy lawyers like the Bachs can help you claim them.
Small businesses often fall into the cracks when it comes to government rules, policies and oversight. Taxes might hit you just fine, while tax benefits pass you by. Bankruptcy used to be the same, with big companies or individuals having viable options, but none adapted for smaller businesses.
Chapter 7 Bankruptcy is available, but it forces you to permanently close up shop, sell off the business's assets, and give up on that dream. This might be the right (or only) option for some businesses, but those who want to keep the doors open and hold on to their assets and employees should steer clear.
Chapter 13 Bankruptcy is only available to individuals, though if your business consists exclusively of your own self-employed self, and you have exceptional financial records, you might be able to use it to keep working while filing for bankruptcy.
Chapter 11 is designed for businesses, but is more costly and complicated, and requires a lengthy process to start and pursue. This made them unwieldy for smaller business owners and used to be almost exclusively the purview of big businesses, companies, and hotel chain owners.
Fortunately, in just the last 20 years, two options have been added to Chapter 11 filings that are perfectly suited and designed for small businesses:
In both cases, the debt must be primarily (over 50%) from your commercial activity and business to qualify. However, neither requires the burdensome creditors committee, and both have accelerated timelines allowing you to get relief faster while still operating.
For most Kane County businesses struggling with debt, these will be the perfect bankruptcy options.
Bankruptcy is a complex process, and lawyers like those at the Bach Law Offices, Inc are used to working with individuals and business owners at various stages who run into trouble or need guidance, advice, and assistance with the procedure.
In general, the earlier you reach out to a lawyer, the better. Bankruptcy is no exception. An attorney like Penny or Paul Bach can guide you from the very start of the process, through to the end and the discharge of your debt, to make sure it all goes smoothly.
By helping you prepare your financial documents and studying your alternatives, a skilled bankruptcy lawyer may be able to help you chart a different course or ensure that your petition is not denied or delayed by mistakes or oversights on your part.
Small business owners are used to handling problems and paperwork on their own, and many will try to pursue bankruptcy without consulting a lawyer or with minimal (or extremely affordable) legal guidance. Sometimes this works; other times it leads to problems, challenges, and barriers to the debt relief you need.
When that happens, you can still call the Bachs. Unfortunately, they are used to it. They will understand how you got there, help undo the harm, and proceed with your bankruptcy with as few delays as possible.
Bankruptcy is a complicated process, and with so many parties involved, from trustees to debtors and creditors, there are many who can make a mistake, or worse, try to take advantage of each other during the process.
If something goes wrong during a bankruptcy, or someone refuses to follow court orders, tries to pursue credits, or discovers a problem or fraud during the proceeding, your bankruptcy can escalate to courtroom litigation. When that happens, there is no more doubt: you absolutely need a lawyer.
Bach Law Offices, Inc | Experienced Illinois Bankruptcy Lawyers
Bankruptcy will rarely be your first choice when trying to keep your business open and running. But when you are drowning in debts and creditors are nipping at your heels, bankruptcy may be your best or only option.
The earlier you reach out and ask about it, the more effective (and affordable) bankruptcy will be. So even if you are not sure, call (847) 440-5998 or contact our firm online to set up a consultation. Together, we will figure out the right path forward for your business and help you save it, perhaps even for the next generation.
