As a business owner, you hire chapter 7 bankruptcy attorneys in Chicago to eliminate significant amounts of debt. This form of bankruptcy provides you with liquidation which enables you to sell key properties and assets owned by your company to settle your debts. A trustee is assigned to your bankruptcy case to monitor incoming proceeds from the sale of these properties and to distribute them to the creditors for you. To discuss this bankruptcy option with an attorney contact LakeLaw today.
Initiating Liquidation of Your Company
To initiate a liquidation, you must file a claim in court through your attorney. This claim presents facts related to your debts as well as properties owned by your company. The judge reviews the value of properties and assets and establishes whether the sale of these items will generate enough funds to pay off debts. Once it is established that you have enough value in property and assets to settle these debts the judge will establish liquidation orders. The judge will assign a trustee to your case to assist you in selling these properties and distributing the funds to your creditors.
Local Attorney
LakeLaw presents you with assistance throughout your bankruptcy case. The attorneys present your debts to the judge through your claim. These debts are reviewed along with properties and assets owned by your company. Through a bankruptcy claim, you can protect properties such as your home, your main headquarters for your company, and vehicles utilized through your company for business purposes. To hire an attorney to assist you in filing bankruptcy contact LakeLaw or visit their website at Lakelaw.com to further instructions.
Summary
By hiring chapter 7 bankruptcy attorneys in Chicago you can protect your company from litigation by your creditors. It is also possible to prevent another company from taking over your company through other means. Through this process, you are assigned a trustee to handle the sale of your properties and distribution of funds from these sales to repay your creditors. This trustee reports back to the court and provides information related to your progress. To discuss this form of bankruptcy with an attorney call LakeLaw today.
