Oak Park Real Estate & Estate Planning Blog

Anyone in Oak Park who is considering personal bankruptcy and who also owns a small business should begin working with a lawyer as soon as possible to understand the potential implications of consumer bankruptcy for their business. If you are considering personal bankruptcy and you are wondering whether your small business will be impacted, the short answer is that it depends upon your situation. In many circumstances, a small business owner can file for personal bankruptcy without affecting the business. However, in situations where the small business and the business owner are the same legal entity, personal bankruptcy will also have to be business bankruptcy. Then, depending on the type of bankruptcy you are planning to file for, you may be able to keep your business open. Our Oak Park bankruptcy attorneys can provide you with more information. Personal Bankruptcy for Sole Proprietors If you are planning to file for personal bankruptcy and you are a sole proprietor, you should know...

There are many small business owners in Oak Park and throughout the Chicago area. Yet running a small business can be extremely difficult and complicated, especially a business in a field or industry that has been struggling since the start of the pandemic. In most circumstances, small business owners who are having difficulty repaying business debts are also struggling with their debts and finances as consumers, and they may be considering bankruptcy. If a consumer owns a small business and wants to file for bankruptcy , what does that consumer need to know? Our Oak Park bankruptcy lawyers have some information and tips to help. Consumers Who File for Bankruptcy and Own Sole Proprietorships Will Also be Filing for Business Bankruptcy If you are planning to file for bankruptcy because of your consumer debt, or you are planning to file for bankruptcy largely because of your business debt, the distinction will not matter too much under U.S. bankruptcy law if your business is structured ...

Filing for personal bankruptcy is an extremely complex process, and it is essential for anyone considering it to speak with an experienced bankruptcy lawyer about the different types of bankruptcy and their effects. For small business owners in the Oak Park area, the prospect of filing for consumer bankruptcy can raise many questions and concerns about how a personal Chapter 7 or Chapter 13 bankruptcy filing will affect the business. If you are wondering about the risk of losing your small business if you file for personal bankruptcy, there is no simple answer to the question based on existing bankruptcy law . Rather, the answer will depend upon a few key factors, including the type of business structure you are using for your small business and the type of bankruptcy you are considering. How is Your Small Business Structured? When you are considering whether a personal bankruptcy filing could result in you losing your small business or being forced to close the doors of your small ...

If you are a consumer who applied for an SBA disaster loan in order to support your business during the coronavirus pandemic, there are a couple of ways in which Paycheck Protection Program (PPP) loans and the Economic Injury Disaster Loan (EIDL) program ultimately could impact consumers when it comes to personal bankruptcy . We want to tell you more about these loans and how they could come to have an impact on small business owners who are considering consumer bankruptcy. To explain the potential links between these SBA loans and consumer bankruptcy, we will tell you more about the loans themselves first. Then we will discuss some of the ways in which these loans could impact a consumer bankruptcy case. What Small Business Owners Should Know About SBA Loans According to a recent CNBC article , a large number of the U.S. Small Business Administration (SBA) disaster loans, which include PPP and EIDL loans, were paid out to small businesses. Many of these businesses are sole proprie...

If you own a small business and you are having significant debt problems, you might be considering how bankruptcy laws could help you to get back on track with your business finances. In particular, given the ways in which the COVID-19 emergency has impacted small businesses in Chicagoland and across the country, many small business owners are struggling to keep their doors open, and some are considering the possibility of bankruptcy. For businesses that are structured as sole proprietorships, it is important to work with an Oak Park bankruptcy lawyer who has experience handling consumer bankruptcy cases because these bankruptcies ultimately will be personal bankruptcies . Businesses that are sole proprietorships are in effect the same entity as the business owner. Accordingly, any debts of the business are also the personal debts of the business owner, and vice versa. This means that a sole proprietorship cannot, on its own, file for bankruptcy without affecting the personal fina...

If you are thinking about filing for bankruptcy and you own a small business, it is important to understand definitively whether your business bankruptcy case is likely to affect your personal finances. In other words, if you file for business bankruptcy, could you also be filing for personal bankruptcy? Or, if you file for business bankruptcy and have made a personal guarantee on a loan, what does that mean for your financial situation as a consumer? Could you ultimately need to file for personal bankruptcy in order to manage the debts associated with your business? A recent article in Fortune explains how many business debtors might not be thinking carefully about how a business bankruptcy could impact their personal situation. The following are some important facts you should consider as you make plans to speak with an Illinois bankruptcy lawyer. Business Bankruptcy for Sole Proprietors is the Same as Personal Bankruptcy Depending upon how your small business is structured, i...

For many residents and small-business owners in the Chicago area, it may be difficult to determine whether you should file for consumer bankruptcy or for bankruptcy on behalf of your business when you are struggling with debt. I you decide to file for personal bankruptcy, will it impact your business, or vice versa? These are important questions, and we want to address some key issues concerning consumer and business debts, and how you can distinguish them from one another when you are thinking about filing for Chapter 7 bankruptcy . Should I File for Personal Bankruptcy? If you own a small business and have both personal and business debts, can consumer bankruptcy allow you to discharge those debts and to get a fresh start on your finances? The answer to this question depends on many different factors, including but not limited to: Way your business is organized; Types of debts you have; and Types of assets you want to protect from liquidation. Are ...