Chicago Corporate Bankruptcy Attorney

Eric Zelazny is a Chicago bankruptcy attorney with a CPA background — bringing over 30 years of experience guiding Illinois corporations through bankruptcy with a strategy built around protecting the owner, not just filing the paperwork.

Your corporation is in financial crisis. Here's what that actually means.

Corporate bankruptcy in Illinois allows a corporation, LLC, or partnership to resolve its financial obligations through a court-supervised legal process. Under Chapter 7, the corporation ceases operations and a court-appointed trustee liquidates business assets to satisfy creditors — in many small business cases, creditors receive little to nothing. Critically, corporate bankruptcy does not automatically protect the business owner personally. Personal guarantees, officer liability, and certain pre-bankruptcy transactions can create significant personal exposure if not addressed strategically before and during the filing process.

When a corporation reaches the point where it can no longer meet its obligations, the path forward is rarely straightforward. There are creditors to manage, employees to consider, personal guarantees that may pull you in personally, and legal deadlines that don’t wait.

Corporate bankruptcy is a powerful legal tool — but only when it’s used correctly and at the right time. The wrong move, or a delayed one, can turn a manageable situation into a personal financial disaster.

Real Results for Illinois Business Owners

A Chicago-area technology company with three shareholders and $1.2 million in outstanding obligations — including a personally guaranteed SBA loan and unpaid vendor contracts — needed to wind down operations. Two of the three shareholders had signed personal guarantees. Eric evaluated each shareholder’s individual exposure separately, structured the corporate Chapter 7 filing to minimize trustee scrutiny of pre-bankruptcy transactions, and negotiated directly with the SBA on the personal guarantee obligations — resulting in a settlement for both shareholders at a fraction of the guaranteed amount.

Corporate bankruptcy is equal parts law and accounting — Eric brings both

Filing corporate bankruptcy involves far more than paperwork. It requires a clear understanding of your corporate financials, your liability structure, your tax obligations, and the legal strategy that best serves your interests as an owner.

Eric Zelazny holds both a law license and a Certified Public Accountant (CPA) credential — a combination that is genuinely rare and particularly valuable in corporate bankruptcy cases. He doesn’t hand off the financial analysis to someone else. He does it himself, as part of building your strategy from day one.

Corporate Bankruptcy Options We Help Illinois Business Owners Navigate

Chapter 7 Corporate Liquidation

For corporations that are ready to close, Chapter 7 provides a legal, court-supervised process to wind down operations and liquidate assets. In many cases, corporate creditors receive little to nothing — and the business owner is able to walk away from corporate obligations and start fresh. Eric ensures the process is handled efficiently and that your personal exposure is minimized throughout.

Protecting the Owner from Corporate Liability

One of the most critical — and most overlooked — aspects of corporate bankruptcy is separating the corporation's obligations from your personal ones. Personal guarantees, officer liability, and improper pre-bankruptcy transfers can all create personal exposure. Eric identifies these risks early and builds a strategy to address them before they become problems.

Pre-Bankruptcy Corporate Planning

How a corporation is managed in the months leading up to a bankruptcy filing can significantly affect the outcome. Eric advises on what to do — and what to avoid — before any filing takes place, so nothing inadvertently complicates the case or creates personal liability.

Alternatives to Corporate Bankruptcy

Bankruptcy isn't always the right answer. In some situations, a negotiated wind-down, creditor settlement, or structured asset sale achieves the same result with less complexity. Eric evaluates all available paths before recommending a course of action.

The Attorney Who Reads the Balance Sheet First

Most attorneys approach corporate bankruptcy as a legal problem. Eric approaches it as a legal and financial one — because that’s what it actually is. His CPA background means he can read your corporate financials, identify the exposures others miss, and build a strategy that accounts for the full picture.

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."

Get a Clear Picture of Your Corporate Options

Corporate bankruptcy decisions carry real consequences for you personally. A free, in-person consultation with Eric starts with an honest assessment of your corporation’s situation, your personal exposure, and the options that actually make sense for where you are.

Bankruptcy attorney Eric Zelazny will take the time to meet with you to answer your questions, examine your finances, and help chart the best course to resolve your financial issues.