Bolingbrook was incorporated in 1965 following the housing boom of the 50’s. It is one of the largest southwest suburbs of Chicago and straddles Will and DuPage Counties. Bolingbrook is easy to reach from Chicago – about 30 minutes on the Stevenson Expressway. Its population exceeds 73,000. M. Hedayat & Associates had its primary offices in Bolingbrook for nearly a decade and still does more than half its business there. The firm has handled cases for Bolingbrook residents involving Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and related work such as foreclosure defense and short-sales.
Real Estate Related Bankruptcy
Like many communities, from 2005 to 2008 Bolingbrook saw a surge in the value of real estate, primarily single-family homes and townhomes. The forces driving that bubble included the ready availability of subprime loans as well as the surge of new home construction that relied on the inflated prices. But in 2008 the real estate market crashed, turning entire subdivisions into ghost-towns and throwing families into chaos. As Bolingbrook residents have attempted to straighten things over the last few years, M. Hedayat & Associates has helped families seek bankruptcy relief via Chapter 7, consolidate and repay debts in Chapter 13, even those wishing to part with their homes via a short-sale or deed in lieu of foreclosure.
Small Business Related Bankruptcy
Many hard-working people aspire to own their own businesses. As Americans we celebrate their successes. Sadly though, many entrepreneurs who forgo their salaries and use their retirement accounts to fund their dreams are doomed to see their investment disappear due to factors beyond their control. No matter how skilled a new business owner is or how careful they are about spending, the mortality rate of small businesses will always be extremely high. M. Hedayat & Associates has handled bankruptcy cases for small business owners and entrepreneurs, many of whom are middle-class white-collar workers. Often we end filing not just on behalf of the business but on behalf of the owner(s) as well.
Examples of Recent Cases Undertaken in Bolingbrook Include:
The firm represented the owner of a restaurant who was having cash-flow problems. By the time he called on M. Hedayat & Associates and we determined what the problem was, it was too late to maintain the business a going concern. Instead the firm secured Chapter 7 relief for the restaurant and the Bankruptcy Trustee sold off any remaining assets to distribute proceeds to creditors. We were then able to file a Chapter 7 case on behalf of the owner, who was unable to pay down the business debts that he had guaranteed for his restaurant. The entire process liberated the owner, who was able to get a job and start working towards a new future.
A few years ago Hedayat & Associates filed a Chapter 7 case on behalf of a contractor. Because the contractor’s creditors sought to have their judgments declared non-dischargeable due to fraud, the case was converted to a Chapter 11 reorganization. Eventually a deal was made with the creditors and the case was converted back to one under Chapter 7. In the process, the firm collected $50,000 on behalf of the Bankruptcy Estate and was able to secure a fresh start for the business owner while avoiding the excessive costs associated with bankruptcy litigation. This was truly a win for all parties.
Bankruptcy is stressful enough without having to worry about choosing the right lawyers. M. Hedayat & Associates, PC has been filing cases on behalf of its Bolingbrook clients for nearly 20 years. Call or e-mail us to set up a confidential telephone or office consultation. We look forward to speaking with you.