Commercial Real Estate Foreclosure

If a business owner hits hard times and is unable to pay the mortgage on a commercial property, the lender has the right to foreclose on the loan. The attorneys at Kaplan and Associates, Ltd., help business owners in Greater Chicago and neighboring Illinois cities and counties resolve commercial real estate foreclosure actions.

We are experienced bankruptcy attorneys who work to save businesses and protect real estate assets whenever possible. Time is of the essence in commercial foreclosure actions, which tend to move more rapidly than residential foreclosures.

If you feel you will be able to rebound financially and wish to retain your commercial real estate, we will meet with your lender's legal counsel and work to develop a loan modification. forbearance or other solution that provides you time to catch up on payments. If that is not possible, we will explore options such as a short sale or consent foreclosure that returns the property to the lender and clears you of any remaining debts.

Bankruptcy As A Last Resort

Chapter 11 bankruptcy allows a business to retain its assets, including real estate, while it restructures debt. In Chapter 11, there are no limits to the amount of debt that can be restructured, and the debtor typically can continue to operate the business.

Chapter 11 is the best solution for some businesses, but not all. We will review the unique facts of your situation and develop a strategy that best serves your objectives. Rebounding from financial challenges is complex and stressful. We emphasize frequent and candid communication with our clients to keep them informed at every stage and reduce the stress involved in rebuilding a strong financial foundation.

The most important step may be the first one. Don't delay in addressing the issue. Call or use our online contact form to schedule a free consultation with our bankruptcy lawyers. We will answer your questions and review your options.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.