Commercial Bankruptcy Lawyers in DuPage County
Attorneys Handling Bankruptcy and Insolvency Cases
At Momkus McCluskey LLC, we understand matters involving commercial bankruptcy and insolvency can be extremely complex and difficult for all involved parties. Such concerns require an extensive working knowledge of both transactional law and commercial litigation strategies. Our attorneys are well-versed and experienced in both areas, and we are committed to providing reliable, forward-thinking representation for financially strapped businesses and entrepreneurs, commercial creditors, landlords, and other parties in bankruptcy proceedings, as well as alternatives to filing bankruptcy.
Skilled Attorneys for Creditors in Bankruptcy Cases
When a company of any size struggles to meet its financial obligations, there may be dozens, if not hundreds of other companies or individuals waiting to get paid the money they are owed. These entities may include landlords, utility companies, tax agencies, lenders, suppliers, contractors, and more. With our skills and experience on both sides of such cases, we are equipped to help creditors receive a favorable share of a distressed company’s assets during bankruptcy and other insolvency proceedings. We realize that disputes may also arise between two or more creditors involved in the same bankruptcy case, and we are committed to protecting your company’s financial interests.
Bankruptcy Counsel Serving Commercial Clients
When a business or commercial entity is in financial distress, there may be a number of options available. The average person may be familiar with Chapter 7 and Chapter 11 bankruptcy—named for the applicable sections of the United States Bankruptcy Code—but bankruptcy is not always the appropriate course of action. At our firm, our experienced attorneys take an entrepreneurial approach to such matters as they try to find the most financially sound solution to a company’s problems. We know how to use a variety of tools and arrangements, including:
- Chapter 7 and Chapter 11 bankruptcy proceedings: Chapter 7 bankruptcy involves a sale of the company’s assets while a Chapter 11 bankruptcy could allow the business to become financially viable again in the future:
- Workouts and restructuring: Workouts typically involve negotiations with secured and unsecured creditors to create a plan for resolving all or some of the distressed business’s outstanding debt;
- Assignments for the benefit of creditors: Under an assignment, an insolvent business will assign its assets to an assignment estate for the purposes of resolving outstanding obligations. Unlike a bankruptcy, which falls under federal bankruptcy laws, an assignment is handled at the state level.
Small and medium-sized businesses often obtain capital that requires personal guarantees signed by the business owners. This means that a commercial bankruptcy or insolvency could be disastrous for the owner on a personal level. The commercial bankruptcy lawyers at Momkus McCluskey LLC understand the dangers that small- and medium-sized business owners face and we are equipped to help you find a solution that protects the well-being of you and your family.
Receivership and Assignment Lawyers in Illinois
In addition to representing debtors and creditors, the team at Momkus McCluskey LLC also assists individuals and entities appointed to manage an insolvent business in a receivership. Receiverships and Assignments for the Benefit of Creditors are remedies that give a person or entity known as a receiver or an assignee the authority to manage the distressed company’s assets while a litigation or assignment for the benefit of creditors is finalized. We help receivers and assignees understand their responsibilities and provide a full accounting to the involved parties, allowing the process to run smoothly.
If you have questions about commercial bankruptcy or insolvency concerns, contact our office. Call 630-434-0400 for a confidential consultation today.