Bankruptcy Attorney
Bankruptcy Lawyer Attorney Profiles Common Questions Bankruptcy Evaluation Office Locations

No Money Down on Chapter 13 Cases
For Qualified Wage Earners!
Chapter 7 Bankruptcy from $850

Phone and Video Consultations
Available Today!

Information Center
Asset Protection
Bankruptcy Overview
Business Bankruptcy
Chapter 13
Chapter 11
Chapter 7
Creditor Harassment & Abuse
Debt Relief Options
Eliminating 2nd Mortgages
Fighting Foreclosure
Means Test
Rebuild Credit
Taxes & Bankruptcy
Bankruptcy Alternatives
Bankruptcy Exemptions
Bankruptcy Myths
Bankruptcy Process
Bankruptcy Time Line
Benefits of Bankruptcy
Chapter 7 vs. Chapter 13
Filing for Bankruptcy
Is Bankruptcy Right for Me?
Life After Bankruptcy
Why Hire a Bankruptcy Attorney
Will I Lose Anything?
Read our blog

Paper Company Decides to File for Business Bankruptcy

After nearly 100 years in the business, a paper company announced this week its intentions to file for business bankruptcy.

Based out of Michigan, the company formed in 1914. Since then, it has expanded its operations to include recycling paper, which brought it a modicum of success over the years. Now, after a poor economy drove it nearly to destruction, the company has decided to file for Chapter 11 bankruptcy protection.

Its bankruptcy papers included assets of $10 million to $50 million, with liabilities between $50 million to $100 million. Not only is it one of the oldest paper manufacturers in the country, it also claims the title as the first company to recycle paper.

Although there are several creditors listed on the claim, two of the largest are owed $2.3 million and $1.3 million, with a third in Chicago claiming debts over $500,000. Once its bankruptcy plans have been approved by the court, the company will need to develop a reorganization plan to pay back its primary creditors while being given the chance to discharge a portion of its debts.

Considering business bankruptcy in Illinois because your company has fallen short on revenue or accumulated massive debt? Contact a Chicago business bankruptcy from our legal team now who can review your case and help you seek bankruptcy protection.
Free Bankruptcy Evaluation
Eliminate Debt & Bills
123 W. Madison Street, Suite 205; Chicago, IL 60602
Attorney Web Design
The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100