Business Chapter 7 Bankruptcy

For many businesses, the ability to fully expense capital investments in the first year presents a meaningful opportunity to reduce tax liability and reinvest in growth. Proper classification, timing, and election planning remain essential to maximizing the benefit.

Beginning 3.1.26, new federal regulations issued by FinCEN will significantly affect how certain residential real estate closings are handled. Issued under the authority of the Bank Secrecy Act, the rule requires the reporting of specified non-financed residential real estate transfers involving legal entities & trusts

Certain income taxes can be discharged in bankruptcy if they meet a four-part test, the last test being a subjective test. On January 20, 2026, Judge Bentley of the U.S. Bankruptcy Court for the SDNY issued a 46-page judgment determining that a chapter 7 debtor did not meet the fourth test.

On January 14, 2026, the U.S. Supreme Court decided that political candidates can bring lawsuits over election rules. In Bost v. Illinois State Board of Elections, the Court held that a candidate for office has the right to challenge state rules about how votes are counted.

As seen in North Shore City Lifestyle. Lavelle Law attorney, Sarah Reusché, is featured in the February 2026 issue of North Shore City Lifestyle magazine. Sarah isn't just an exceptional attorney; she's a true community advocate.

A small business owner sought to acquire the assets of a mall-based fast food franchise. The client needed experienced legal guidance to navigate a complex, multi-party transaction involving the seller, the franchisor, the mall’s leasing agency, and a lending institution providing bank financing.

The January broadcast of Elgin’s "Chamber Chat" with EAC President Carol Gieske, features Lavelle Law Shareholder Steve Migala and KCT Credit Union’s Yvonne Irving.

In this video, Lavelle Law attorney Nataly Kaiser provides crucial legal tips if you are named as agent under a Power of Attorney for Property. Know the law before you act!

New Year, New Employment Laws: Key Illinois Changes Effective 2026 - a Lavelle Law Breakfast Briefs seminar. Stay ahead of Illinois’ evolving employment law landscape and help safeguard your organization in 2026. Register now for this targeted, must-attend session.