Chicago Corporate Bankruptcy Attorneys
Our business bankruptcy attorneys at Jordan & Zito Attorneys at Law have nearly 70 years of combined experience representing corporate debtors, secured lenders and major creditors in Chapter 7 and Chapter 11 bankruptcy issues.
From pre-bankruptcy planning through plan confirmation and even post-confirmation matters, our Chicago-based business boutique law firm handles and represents clients in bankruptcy courts across the nation.
Insolvency And Restructuring
We represent parties on all sides of insolvency proceedings. Our firm uses this multi-party experience to inform your case strategy. We work to protect your financial position.
- For debtors: We stop aggressive collections. We assist with Chapter 11 reorganization. If Chapter 7 is required, we manage the business wind-down.
- For secured lenders: We focus on asset preservation. We move quickly to seek relief from automatic stays, protect cash collateral, and defend your security interests during restructuring.
- For creditors: We monitor proceedings to ensure transparency. We challenge fraudulent transfers and pursue maximum recovery on your claims. We assert your rights regarding payment priority.
Experience across debtor, lender and creditor roles helps us anticipate how each party acts. We develop strategies that account for these competing interests early in the process.
Representing Debtors In Corporate And Small-Business Bankruptcy
Businesses rely on Jordan & Zito Attorneys at Law for sound, commonsense bankruptcy advice. Our lawyers provide our clients with guidance on Chapter 7 and Chapter 11 filings and help them either wind down their businesses or restructure to survive.
Chapter 7 business bankruptcy: If a business is not financially salvageable, filing a Chapter 7 bankruptcy petition may be the best course of action to end the business and protect the owner’s personal wealth and assets.
The bankruptcy court requires the debtor company to fill out and file various legal forms. An experienced Chapter 7 business bankruptcy attorney will provide the counsel, strategic advice and drafting expertise needed to properly complete the bankruptcy petition, statement of financial affairs and schedules the court requires.
In a Chapter 7 bankruptcy, the bankruptcy court appoints a trustee who then sells the assets of the company and distributes the proceeds to the company’s creditors:
- Secured creditors, who often have loans secured by collateral such as property or equipment, are typically paid first.
- Unsecured creditors — entities that made loans that were not backed by collateral, such as credit card companies — generally occupy the second tier of repayment.
- Bondholders, individuals who hold company debt, are third on the list of creditors.
- Shareholders who own stock in the company are at the last to be repaid if a company fails.
Chapter 11 business bankruptcy: A business or partnership that is struggling to meet its financial obligations but could become profitable again if it reorganizes its debts may choose to file for Chapter 11 bankruptcy.
As in a Chapter 7 bankruptcy, a business seeking Chapter 11 protection will need to file a number of legal forms, and an experienced Chapter 11 business bankruptcy attorney is a vital part of the process. Some of these documents include:
- The filing that opens the Chapter 11 case
- Schedules listing what the business owns and what it owes
- Reports showing current income and ongoing expenses
- A list of active contracts and lease agreements
- A sworn statement describing the company’s recent financial activity
- A disclosure document explaining the proposed restructuring
- A plan outlining how debts will be addressed going forward
The reorganization plan classifies creditor claims and explains how the restructuring treats them. Creditors may vote on the plan if it modifies their contractual terms or pays them less than the amount owed. The bankruptcy court also evaluates the plan at a confirmation hearing and decides whether to accept it, dismiss the company’s petition, or convert the bankruptcy to Chapter 7.
Representing Creditors In Business Bankruptcy Cases
When a business files for bankruptcy, some creditors mistakenly believe that they can do little to protect their financial interests.
A bankruptcy attorney can help the creditor:
- File a proof of claim
- Obtain relief from an automatic stay
- Request a Rule 2004 examination of the debtor
- Assist in the assumption or rejection of executory contracts
- Advise unsecured creditor committees
Jordan & Zito Attorneys at Law has helped hundreds of creditors and lenders navigate the business bankruptcy process and maximize the amount they are entitled to receive. During the course of his career, bankruptcy attorney Gregory Jordan has represented a wide range of creditors, including Ford Motor Credit Co., Fifth Third Bank, RBS Citizens N.A. and CNH Capital America LLC.
Contact Us
To find out how Jordan & Zito Attorneys at Law can help you with a Chapter 7 or Chapter 11 business bankruptcy matter, call 312-489-8174 or contact us by email.
We are a debt relief agency. We help businesses file for bankruptcy relief under the Bankruptcy Code.