LAURA A. BALSON

Partner

ROBERT R. BENJAMIN

Partner

BARBARA L. YONG

Partner

ASHLEY PRIOR


COVID-19 Bankruptcy Update

If your business is closed or is suffering from a drop off in sales as a result of the Coronavirus Outbreak, we encourage you to stay calm. While bankruptcy is always an option, you may be able to ride out the storm by trying to reduce your expenses. Your landlord may be willing to temporarily defer or reduce your rent. Lenders may be willing to accept interest-only payments on lines of credit or business loans. These options will likely be more attractive to your creditors than declaring a default or evicting you and having the space go dark. But it is important that you be proactive and reach out to them now. We are happy to assist with these calls and to offer other cost-saving suggestions.

We are also available to talk to individuals who have been laid off from their jobs or are experiencing a temporary leave-of-absence. Bankruptcy is one option, but may not be your best option. You can also ask for temporary relief from your landlord or mortgage lender. We can help you with this and with deciding which debts you need to pay and which ones can be deferred. Our employment attorneys can also help answer your questions about your rights to file for unemployment benefits and to continued health care coverage.

While these are scary times and you may be feeling stressed out or overwhelmed, you are not alone. This is uncharted territory, but we are here to help and together we will help you get past this.

To discuss your specific financial questions and concerns, feel free to contact Barbara Yong (312-696-2034) or Robert Benjamin (312-696-1220). Employment questions should be directed to Laura Balson (312-696-1351) or Ashley Orler (312-696-2032).