How is business bankruptcy different from individual bankruptcy?

Just like individuals, businesses can experience difficult financial times and need to reassess their financial stability. Fortunately, forms of bankruptcy are available for businesses and individuals alike. Although a business owner would file a different bankruptcy application than an individual, business bankruptcy is essentially the same as individual bankruptcy. For example, bankruptcy for both businesses and individuals often involve:

• Evaluation of current debts and income
• Evaluation of projected debts and income
• Negotiation of repayment plans
• Protection from creditor harassment

Bankruptcy can be a good decision for both individuals and businesses who are struggling with various debts.

Contact Us

If you or someone you know is considering the benefits of bankruptcy, contact a knowledgeable Chicago bankruptcy lawyer of the Law Offices of Stuart B. Handelman today by calling 312-360-0500.