Can businesses file for bankruptcy?

A business can file for bankruptcy just like an individual, though there are specific forms of bankruptcy that are made for businesses. Depending on the size of your business, and its particular financial circumstances, there are several options for bankruptcy. In many cases of business bankruptcy, asset liquidation is necessary in order to eliminate much of a debtor’s financial obligations.

Just like for individuals, bankruptcy for businesses can provide benefits including:

• Protection against creditors
• Reorganization of finances
• Assessment of current and projected financial state
• Negotiation of repayment plan

These benefits lead many struggling business owners to turn to bankruptcy.

Contact Us

If you or someone you know owns a business and is thinking of filing for bankruptcy, contact an experienced Chicago bankruptcy attorney of the Law Offices of Stuart B. Handelman today by calling 312-360-0500.