What Are Your Options? Understanding Bankruptcy for Businesses in Peoria IL
Running a business isn’t easy. And if you’ve fallen on hard times, it can be challenging to recover with a small business in tow. But, rather than letting bills pile up, and creditors continue to harass you, you can take matters into your own hands. Filing for bankruptcy for businesses in Peoria IL might be a viable option for you to get out of debt and continue running your business. And with assistance from Stephens Fiddes McGill & Associates, P.C., we can help you understand what your options are.
What Does Business Bankruptcy Entail?
Otherwise known as Chapter 11 bankruptcy, filing for bankruptcy for your business doesn’t need to be a challenging or stressful endeavor. Stephens Fiddes McGill & Associates can guide you through the process, providing all the appropriate paperwork, ensuring your filing is up to standards and assisting in the organization of assets and debt once your filing is approved.
- Chapter 11
- In Chapter 11 bankruptcy, any debts, unpaid credit and other collection processes halt for a time. Working with your creditors and the court, a reorganization and payment plan is established in the best interest of all parties (especially you). Essentially, you, the debtor, are given another chance at making your business profitable while still paying towards your debts.
- What’s Required of You?
- Chapter 11 bankruptcy doesn’t come without certain obligations or requirements. As the debtor, it is your responsibility to make the agreed-upon payments in a timely manner established by the courts. Additionally, the reorganization of your debt might require the liquidation of certain assets or the downsizing of operations. For example, if your business has multiple locations, you might need to consolidate into one.
- Alternatives
- Of course, Chapter 11 bankruptcy isn’t the only option for bankruptcy for businesses in Peoria IL. Additional filings like Chapter 7 or Chapter 13 can sometimes benefit small business owners if freeing up personal finances can benefit your business’s operations. Or, if you’ve not yet fallen too deep into debt, options like debt consolidation or selling assets might still be on the table for you. Talk with your attorney to discuss what’s best for your situation.
More Legal Assistance
Bankruptcy law isn’t the only legal area Stephen Fiddes McGill & Associates practice in. We offer a range of legal services meant to fit your personal needs. For example, our practice areas include:
- Personal Injury
- Workers’ Compensation
- Traffic Law
- Real Estate Law
- Social Security Disability
- Probate Law
- Criminal Law
- Family Law
Contact Our Office
Whether needing help filing for bankruptcy for businesses in Peoria IL, or looking for additional legal assistance, you can count on the team at Stephens Fiddes McGill & Associates, P.C. Contact us today at 309-637-5297 to request a free case evaluation. Also, we are located at 456 Fulton St, Ste 222, Peoria, IL 61602.