Chicago Business Bankruptcy Attorney

Eric Zelazny is a Chicago bankruptcy attorney with a CPA background — bringing over 30 years of experience helping Illinois business owners use bankruptcy law strategically to protect what they’ve built and move forward with confidence.

Your business is struggling. What happens next is up to you.

Business bankruptcy in Illinois allows companies that can no longer meet their financial obligations to resolve those obligations through a court-supervised legal process. The two most common options for small businesses are Chapter 7 liquidation — which closes the business and discharges corporate obligations — and structured negotiation, which resolves obligations outside of court. The right path depends on the business structure, the nature of outstanding obligations, whether personal guarantees are involved, and the owner’s goals. Timing matters significantly — the longer collection action builds, the more personal assets can be pulled into the equation.

When a business reaches a financial breaking point, the worst thing you can do is wait. Creditors escalate. Personal guarantees get triggered. Options that were available six months ago start to disappear.

The good news: business bankruptcy is not the end of the story. For many business owners, it’s the tool that finally gives them control — over their timeline, their assets, and their next chapter.

Why Illinois business owners choose Zelazny Law

Business bankruptcy in Illinois allows companies that can no longer meet their financial obligations to resolve those obligations through a court-supervised legal process. The two most common options for small businesses are Chapter 7 liquidation — which closes the business and discharges corporate obligations — and structured negotiation, which resolves obligations outside of court. The right path depends on the business structure, the nature of outstanding obligations, whether personal guarantees are involved, and the owner’s goals. Timing matters significantly — the longer collection action builds, the more personal assets can be pulled into the equation.

Business bankruptcy sits at the intersection of law and finance. Eric Zelazny is one of the few attorneys in Illinois who holds both a law license and a Certified Public Accountant (CPA) credential. That means he doesn’t just file paperwork — he understands your full financial picture, including how bankruptcy interacts with your taxes, your personal liability, and your long-term goals.

For over 30 years, Eric has helped Chicago-area business owners navigate some of the most complex financial situations imaginable — and come out the other side with a plan.

Business Bankruptcy Options We Help Illinois Owners Explore

Chapter 7 Corporate Bankruptcy

Chapter 7 is designed for business owners who are ready to close. It provides a legal, structured process to wind down operations, liquidate assets, and resolve outstanding obligations — with little to no corporate debt paid back to creditors in many cases. It delivers finality, so you can move on.

Chapter 7 Sole Proprietorship Bankruptcy

If you operate as a sole proprietor, a personal Chapter 7 filing may allow you to eliminate business obligations while continuing to operate. Eric evaluates whether this path makes sense for your specific structure and situation.

Business Owner Asset Protection

Before filing anything, protecting your personal assets is the priority. Eric works to identify what is at risk — your home, retirement accounts, personal savings — and implements legal strategies to shield them before creditors can act.

Corporate Bankruptcy & Restructuring

Not every struggling business needs to close. For owners who want to keep operating, Eric evaluates restructuring options that allow the business to survive while addressing its obligations in a manageable way.

Debt Settlement & Negotiation

In some cases, bankruptcy isn't necessary at all. Eric can negotiate directly with creditors — including the SBA — to reach settlements that resolve the situation without a court filing.

Real Results for Illinois Business Owners

An Illinois sole proprietor running a landscaping business accumulated $280,000 in business obligations including an EIDL loan with a personal guarantee. Rather than closing without a plan, he engaged Eric to evaluate his options. Because he operated as a sole proprietor, a personal Chapter 7 filing was available — discharging the business obligations including the EIDL personal guarantee while allowing him to continue operating under a fresh structure. The entire process was completed in under five months.

20 Years of Turning Bankruptcy Crisis Into Clarity

Eric Zelazny has spent his entire career focused on one client: the small business owner. He knows the fear, the sleepless nights, and the weight of feeling personally responsible for what happens to a business. He also knows that in almost every situation, there is a better path forward than most people realize.

Schedule YOUR FREE IN-PERSON CONSULTATION

Contact us today to schedule your appointment.

Reviews From Our Clients

"I own a trucking company with big loans, back taxes, and messy records. Other lawyers kept turning me away. Eric didn’t flinch. He looked at everything, said, “Okay, here’s what we can do.” He helped me file the right kind of bankruptcy, got the creditors off my back, and made sure I didn’t lose my trucks. That was everything. I’m still in business today because of him."

"Nothing but the best- knowledge & service above and beyond , this is what you can expect if Eric is the attorney you hired. Experience, expertise and professionalism that he brings to the case given is definitely something that is a rare find these days. Eric is my attorney of choice for all legal needs in fields that his office covers."

"Eric is very professional and knowledgeable. The best thing about him, is that He is an accountant and a lawyer. Essentially once you hire him, all aspects of your case are being taken care off, from legal to financial side of things."

"Eric is so knowledgable and friendly. He gave us great advice to position our existing businesses and never made me feel rushed or that I was asking dumb questions. Making a consultation call with him is one of the best decisions I ever made and we will be using his services in the future."

"I recently had the privilege of hiring Eric Zelazny, and I must say that the experience was nothing short of exceptional. If you're in need of legal representation, look no further because Eric is truly an outstanding professional who deserves every accolade...I can’t recommend Eric enough.

"I had a consultation with Eric. He took his time and discussed every single aspect of the legal issue I was facing with me. During our consolation it was clear that Eric genuinely had my best interest in mind. His insight, thoughts and discussion helped us come to a conclusion that three other attorneys overlooked. I can not thank Eric enough. I am confident and proud to have him in my corner."

The First Step of Financial Recovery

A free, in-person consultation with Eric is where clarity begins. Bring your situation — however complicated — and leave with a real understanding of your options and a strategy built around your goals.

Zelazny Business Bankruptcy in Chicago is here to help you explore all your options and to provide you with the best, customized, legal and financial advice. Contact us today to get started.