Guiding Business Owners Toward Effective Financial Solutions
North & Sedgwick Law provides professional and cost-effective representation to Illinois business owners in debt relief and debt reorganization matters. Your small-business bankruptcy lawyer Paul Camarena has been practicing exclusively in the U.S. bankruptcy courts and federal courts for the past decade. In addition, he is a certified public accountant (CPA) with the detailed financial knowledge that business clients deserve.
The firm advises clients about the fiduciary responsibilities that come along with filing Chapter 11 bankruptcy. Essentially, the business owner takes the place of a bankruptcy trustee and is obligated to act in accordance with the creditors' interests.
The firm is also available to advise and assist clients with implementing accounting and managerial practices that will help them avoid future business debts.
Are You Personally Liable For Business Debts?
If your business is a sole proprietorship or a general partnership, you will likely be held liable for its debts. Failing to pay the debts gives creditors the right to go after your personal bank accounts, your house or other assets. In such cases, filing a personal bankruptcy (either Chapter 7 or Chapter 13) may be a better choice than filing a business bankruptcy.
If, however, your business is a corporation or a limited liability company (LLC), Chapter 11 reorganization may be the right option. A corporation or LLC is usually liable for its own business debts.
For Chapter 11, Hire An Experienced Cook County Bankruptcy Lawyer
Schedule a free initial consultation about small-business bankruptcy by calling North & Sedgwick Law at 312-878-8429. You can also contact the firm's attorney via email.
El abogado habla español.
†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.