Giordano's Pizza Chain Files Chapter 11 Bankruptcy in Chicago

14-May-2011 When individuals need to file for bankruptcy but still have the means to pay off some of their debt over a period of time they file for chapter 13 bankruptcy in Chicago.

When a business finds itself in this situation they file for chapter 11 bankruptcy. Both chapter 11 and chapter 13 bankruptcy in Chicago are defined as a reorganization of the business or the individual.

Long time Chicago pizza chain Giordano's recently filed for chapter 11 bankruptcy. Giordano's first opened in 1974 in Chicago. In 1988 the company was bought by current owners and bankruptcy filers John & Eva Aposolou. The couple began expanding the business out of state in 2005 when they opened restaurants in Florida.

The recent economic declines has caused hardship for many businesses including restaurants. According to an article in the Lake County News-Sun, Giordano's debts include over $400k to Saputo Cheese USA, over $200k to Greco & Sons and nearly $150k to Heinz North America.

Similar to chapter 13 bankruptcy it is possible for chapter 11 bankruptcy to go smoothly with the appropriate preparation. Unfortunately for the Apostolou's, Giordano's chapter 11 filing has been delayed. As reported by the Wall Street Journal the Giordano's have failed to meet deadlines and neglected to pay court fees on time. They recently fired their bankruptcy attorney.

Giordano's has been assigned trustee Philip Martino to take over their case. In many chapter 11 cases the debtor can act as the trustee and remain in control of their finances however in certain cases a trustee is appointed by the court. There was some reluctance on the part of the Apostolou's to let Martino in the building. He has since gained access to their building and files and will be working to determine why the organization filed for chapter 11 bankruptcy.

If you have mounting debt but steady employment the individual reorganization offered by chapter 13 bankruptcy in Chicago could provide relief. If you are considering filing chapter 13 bankruptcy in Chicago it's important to take the process seriously and have all your paperwork organized and your court fees paid on time. Hiring a qualified Chicago bankruptcy lawyer will ensure things progress smoothly. It will speed up the timing that you will be discharged of your debts.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.