Hinsdale, IL asked in Banking, Bankruptcy, Business Formation and Business Law for Illinois

Q: Hello, I am a business owner. I want to know if bankruptcy is an option for me.

I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point, I am in litigation with my business partner and cannot afford to fight the foreclosure or maintain the building, nor can I fight the 3 lawsuits the partner has put on me. I do not have any income right now due to the building being closed and no business upcoming for the rest of the year due to covid anxiety.

2 Lawyer Answers
Bryan R. Bagdady
Bryan R. Bagdady
  • Business Law Lawyer
  • Oakbrook Terrace, IL
  • Licensed in Illinois

A: I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about your ownership position in the business before I can determine if you are an authorized person to file a business bankruptcy case. If you are in Cook or DuPage County I will be happy to meet with you to talk about the facts and to give you some options. Sincerely, Bryan.

Bruce Alexander Minnick agrees with this answer

Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: It does sound as if bankruptcy could be tight for you although much kore info is needed to properly answer your question.

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