Many predict that the widespread shutdowns related to Covid-19 will result in a record number of bankruptcy filings, both personal and business. Despite the Paycheck Protection Program (PPP) for small businesses and stimulus checks sent to individuals and families across the nation, many families and businesses are accumulating massive debt with limited resources flowing in. Over the next 12 months both personal and business bankruptcies may see a dramatic increase depending on how long the economic crisis remains. Bankruptcy protection is one of many strategies individual families a business are exploring to recover from these unprecedented times.
Chapter 11 Bankruptcy for Illinois Businesses
Small business owners are often the first to suffer financial difficulties when the economy takes a turn for the worse. In the last several weeks, many small businesses have either temporarily closed or have seen a reduction in profits making it next to impossible to pay their creditors, let alone their employees. Chapter 11 bankruptcy attorney Charles E. Covey will work with business owners and entrepreneurs to explore options under bankruptcy while protecting their rights and interests. From restructuring debt through Chapter 11 Business Bankruptcy to using a Chapter 7 liquidation bankruptcy or a Chapter 13 repayment plan, attorney Charles E. Covey will find the most productive way to solve your debt challenges. Contact our office for immediate assistance today at 309-674-8125.
Illinois Chapter 7 Bankruptcy
Chapter 7 bankruptcy, sometimes referred to as a debt liquidation bankruptcy, allows individuals or married couples to reduce or eliminate debt. Many people who file chapter 7 find themselves in situations out of their control, whether it be divorce, a job loss or reduction in pay, or medical issues, resulting in an inability to meet their financial obligations. Chapter 7 bankruptcy offers people the ability to discharge burdensome debt such as credit cards and medical bills so they can prioritize other expenses.
Illinois Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a debt reorganization strategy that allows consumers to enter into a repayment plan over a 3 to 5 year period. A chapter 13 is a good solution for people with a steady income, but who need a plan to pay back their debts gradually. Chapter 13 bankruptcy eliminates creditor harassment during the repayment plan and can protect your home from foreclosure or your vehicle from repossession. Remaining debt is forgiven at the end of the repayment period. It is important to consult with an attorney who can help you protect your assets and reorganize your debt.
Contact an Experienced Illinois Business Bankruptcy Lawyer
With over 30 years of experience, our firm is committed to helping individuals and businesses struggling with debt, an issue many are facing in the unprecedented times of Covid-19. Debt relief is your right – contact Peoria Bankruptcy Attorney Charles E. Covey to solve your difficult situation today at 309-674-8125.
