Chicago Chapter 11 Bankruptcy Lawyer | Illinois Business Bankruptcy Attorney

Helping Companies in Chicago, Illinois, Stay in Business

When a business or individual encounters financial difficulty, an option is to file a Chapter 11 reorganization case. The process involves reorganizing debts and proposing a plan of reorganization to the Debtor's creditors. A Chapter 11 case may be used to solve supplier debts, tax debts or prevent a receiver from taking over your real property.

In a small business case, plans of reorganization must be proposed to a company's creditors within 300 days after filing bankruptcy.

Filing for Chapter 11 bankruptcy may be expensive. Formulating a plan of reorganization and a disclosure statement will be time-consuming. Additionally, the corporation or business must file monthly reports with the court, providing updates on their financial progress and paying quarterly fees to the U.S. Trustee based on the amount of disbursements.

An experienced attorney can help these complicated procedures go more smoothly.

Attorney John H. Redfield has more than 30 years of experience in handling bankruptcy cases for businesses and individuals. His experience is backed by his extensive knowledge of taxes and creditor demands as he holds a Master of Laws in taxation and is a certified public accountant. With John H. Redfield & Associates, P.C., you can be confident you are receiving quality legal advice.

Single Asset Real Estate Cases Under Chapter 11

A Single Asset Real Estate Case ("SARE") is defined by the bankruptcy code as real property constituting a single property or project other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of the debtor. If the case constitutes a SARE, then the special provisions of 11 U.S.C. section 362(d)(3) will apply generally requiring non-default interest payments to begin within 90 days from the filing of the case or the filing of a reasonable plan of reorganization. A SARE should be filed before the appointment of a receiver to avoid complications. The filing of a SARE will automatically stay the appointment of a receiver and the continuation of a foreclosure case.

Creditors' Role in Chapter 11 Bankruptcy

Creditors play a significant role in Chapter 11 bankruptcy proceedings in that they may assist in formulating the plan of reorganization. If two-thirds in amount of all the creditors don't agree on the plan, it will be difficult to obtain approval of the plan of reorganization.

Under a Chapter 11 proceeding, the business must prepare a disclosure statement to the creditors, including information such as a history of the company's finances, a projection of future income and a liquidation analysis.

If your corporation is struggling financially and is in need of a bankruptcy lawyer, you deserve someone with experience. Contact John H. Redfield & Associates, P.C., and let him put his knowledge to work for you.

John H. Redfield is a debt relief agency.
They help people file for bankruptcy relief under the Bankruptcy Code.

John H. Redfield
102 S Wynstone Park Drive Suite 201
North Barrington, IL 60010-6976
Tel: 847-382-1220 Reference #:
Fax: 847-382-1225

The law firm of John H. Redfield & Associates, P.C. represents clients throughout the Chicago, Illinois, metro area, including the cities of Barrington, Crystal Lake, Lake Zurich, Wauconda, Mundelein, Hoffman Estates, Palatine, Arlington Heights, Woodstock, Wheaton, Schaumburg, Carpentersville, Geneva, Algonquin, Huntley, Cary, Fox River Grove and Vernon Hills. They serve clients in Lake County, Cook County, McHenry County, DuPage County and Kane County.