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“It was the best of times. It was the worst of times. It was the epic of belief. It was the
epic of incredulity. It was the seasons of light. It was the season of darkness. It was the
spring of hope. It was the winter of despair. . .”

Opening paragraph, A Tale of Two Cities, Charles Dickens.

Although Charles Dickens was comparing the unmitigated evils of revolutionary Paris
with the stable and relatively well governed London; there is some comparison that can
be made with our current circumstances. Just prior to the rather abrupt economic shut
down caused by the Covid-19 virus strain, America had experienced unprecedented job
growth and impressive economic growth. Then, almost overnight, everything changed.
Unemployment reached Great Depression levels and Gross Domestic Product literally
fell off a cliff. Unfortunately, this extreme change will lead to an increase in bankruptcy
filing, both personal and business.

The increase in unemployment will undoubtedly lead to an increase in defaults of both
secured and unsecured loans in the coming weeks and months. In addition, a reduced
demand created by social distancing will also leave a lasting impression on the face of the
nation’s economy going forward. In any case, economic difficulties will be with us all
for some time to come.

For those whose business incomes have been impacted by the emergency of Covid-19, a
possible solution going forward is the filing of a Chapter 7 Bankruptcy. This is especially
so in the event that revenues do not increase quickly upon reopening. According to the
Governor’s schedule for reopening, Chicago and the collar counties such as Lake,
Dupage, Kane, Will etc. may not see full operation for a long while. This inevitably will
lead to further economic pressure being placed (perhaps unnecessarily on the collar
counties) on already struggling businesses.

If you find yourself in a situation where your income and or revenue has been stretched
too far and your creditors are not getting paid, please call my office to discuss viable
options for you personally and for your business.

About the author:

James M. Kelly is engaged in representing clients in contested and uncontested
dissolution of marriage proceedings and bankruptcy proceedings, both Chapter 7 and
Chapter 13. James Kelly, has been practicing in the northwest suburbs of Cook County
​and to a very relevant extent McHenry County, Lake County and DuPage County. James
Kelly has been admitted to the practice of law in the State of Illinois since 1994.

Phone: 847-202-1616

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