Whether filing bankruptcy in Illinois affects your business depends on the structure of your business, the severity of your debts, and whether there are other owners. In many cases, yes, bankruptcy will affect your business, if only for the immediate future. This is because your business can continuously incur assets and liabilities which affect your bankruptcy estate. In some cases, you may be required to dissolve your business and sell your assets, or step down from the business. However, in larger businesses, such as a corporation with various owners, bankruptcies shouldn’t have much, if any, effect on operations.
When our bankruptcy attorneys evaluate your case, we can help you decide what the right move is for your business if you choose to file.