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Lustig & Associates - Bankruptcy Law

The purpose of the United States Bankruptcy Laws are to provide relief from creditors and a fresh start to certain classes of people and businesses when they have overstepped their financial capabilities. We have extensive experience representing clients in the United States Bankruptcy Court for the Eastern Division of the Northern District of Illinois.

Extensive pre-petition planning is included and referrals are sometimes made to credit counseling agencies if bankruptcy is not necessary or appropriate. We assist our clients in restructuring their financial situation so as to take advantage of the “fresh start” offered by the United States Bankruptcy Code.

Bankruptcy is not always the only option for businesses in financial difficulty. The first decision, of course, is whether the business can continue on at all. If the reason for the business no longer exists, or if the business can no longer be conducted profitably, ownership must consider closing or selling the business. This can be accomplished in many ways. Here are some:

•  Chapter 7 bankruptcy

•  Voluntary dissolution

•  Informally closing the business

•  Assignment for the benefit of creditors

•  Voluntarily permitting a bank or other secured creditor to conduct a foreclosure sale, sometimes referred to as a
   Uniform Commercial Code Sale or a UCC sale.

•  Sale of the business assets

Lustig & Associates can counsel you on ways to avoid bankruptcy, alternatives to bankruptcy, asset protection planning, and will aggressively represent your interests in the Bankruptcy Court when the situation requires it.

We represent statutory entities such as corporations, partnerships, limited partnerships, limited liability companies and individuals in bankruptcy. We also represent individual debtors and companies who are engaged in business in bankruptcy. We often provide the calm hand on the wheel during turbulent and uncertain times. Call us to schedule a consultation to see if you can benefit from our extensive experience in bankruptcy.