Despite stimulus payments to cover the costs of payroll for small businesses across the country, many business owners have struggled to pay rent on commercial property leading tens of thousands of small businesses into bankruptcy.
Although landlords have shown some flexibility during the pandemic, it has not been enough for many businesses owners who fallen helplessly behind on rent forcing many to consider bankruptcy protection in the aftermath of Covid-19 closures.
Of course, this also has had a ripple effect on the property owners who are not only out of a steady flow of rent payments, but cannot find businesses to replace tenants in a now vacant space. Property owners have few choices when their own mortgage payments comes due, leaving many to sell property to the few who can still afford to buy.
Some note that the pandemic is shaping up to be the largest transfer of wealth and real estate to the few, while small businesses owners with fewer resources are left behind straddled with debt they can no longer afford to pay. Not surprisingly, Chapter 7 & 13 personal bankruptcies and Chapter 11 small business bankruptcies are on the rise offering individuals, families and small business owners protection in these unprecedented times.
Contact an Illinois Small Business Bankruptcy Attorney to Discuss Your Options
If you are considering bankruptcy, the first step is to obtain the information you need to determine if Chapter 7, 13 or Chapter 11 is the right strategy for your unique situation. Contact the Peoria Illinois bankruptcy law offices of Charles E. Covey for answers to your questions regarding bankruptcy protection today at 309-674-8125.
