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Business Bankruptcy

Lakelaw is a small bankruptcy firm with big bankruptcy firm know-how. We can help you in the bankruptcy court whether you are small business whose loans have been called for the bank or if you are somehow caught up in a mega-case bankruptcy in Delaware.

Our Chicago bankruptcy boutique has helped hundreds of businesses of all sizes to resolve their financial difficulties. We don’t represent publicly held corporations in bankruptcy. But we’ve represented lots of folks with issues in giant cases like K-Mart and United Airlines.

For example, we represented three women who had discrimination claims against Kmart. We made sure that they were covered and protected in the reorganization plan. And after minding and watching the case for years, we made sure that they were paid. We also represented close to 100 counties from the State of Georgia in Kmart. The debtor tried to get out of paying millions of dollars in personal property taxes. We took on Kmart’s tax experts and our Georgia counties – large and small – rural and urban – received the funds they desperately needed to support their local schools, libraries and police services. We take pride in the fact that the attorneys who were our adversaries in the Kmart case became our friends – attorneys with whom we have worked collaboratively and effectively both as co-counsel and opposing counsel in many subsequent cases.

Recently, Lakelaw was called upon to represent quite a few Mississippi asbestos-disease victims in an Illinois bankruptcy reorganization which was concluded more than 15 years ago. The insurance defense counsel wanted to amend the plan and in so doing significantly impair the rights of the asbestos-disease victims to recover from insurance proceeds. Mississippi trial lawyers retained us to protect the rights of the asbestos-disease victims. Little Lakelaw found itself on the other side of the podium with some of the most important law firms in the world. After months of intense negotiations over every word and punctuation mark in a very tightly worded stipulation, we came to an agreement which opened the 15 year old bankruptcy case, clarified the ambiguous point favorably to our clients, and immediately closed the case without any opportunity for the insurance companies to cause any mischief to the asbestos-disease victims. Our team of David Leibowitz, Linda Green and Jonathan Brand were up to the task of dealing with some of the nations’ most well-known and sophisticated bankruptcy attorneys in this significant and tricky matter.

Since David Leibowitz was one of the attorneys involved in the precedent setting UNR Industries case in Chicago more than 30 years ago, Lakelaw had the experience and know-how to deal with some of the most tricky and difficult issues in the world of bankruptcy – we didn’t have to open the books to understand the issues – we helped to write the book!

We at Lakelaw can offer you sophisticated representation and smart solutions in the biggest of cases. We’ll treat you and your business with the care, kindness, courtesy, respect, professionalism, and dedication that you want and deserve. And we’ll do it with “big-firm” excellence and “boutique” pricing. Our interstate practice, with offices in Chicago as well as Waukegan and Kenosha, uniquely situates us to represent you over a wide geographic area. We can help you anywhere in Illinois and can take care of your needs nationally. In fact, among our attorneys include lawyers licensed in Florida and Arizona.

If you or your small or medium-sized business is facing bankruptcy, insolvency or financial distress, Lakelaw’s highly regarded bankruptcy lawyers offer many alternatives.