Richard H. Fimoff

Shareholder

I originally started in the bankruptcy & creditors’ rights practice because I enjoyed the interaction of law and business. Over the years I have learned that the creative use of the law can benefit all constituents of a financially troubled business..

My Background

Whether as a creditor or a debtor, dealing with financial insolvency in business can be intimidating. I view my job as one of an advisor, counseling business owners in this area, one that few owners have experience or expertise.

My creditor clients look to me to assist with numerous issues that arise in dealing with a financially unstable business, such as:

  • contract performance
  • recovery of goods
  • bankruptcy and avoidance actions
  • setoffs
  • continued dealings
  • and maximizing recoveries while minimizing losses

My debtor clients often compare me to a doctor for their ailing company, suffering from critical, and often life threatening problems. I believe that without identification and correction of the underlying cause of the company’s financial distress, any relief provided by debt reduction is just a temporary salve. Like most temporary pain relief remedies, debt reduction alone masks but does not cure the real problem. I work with the company’s management and other professionals to identify and create a treatment plan to correct the underlying weakness. We develop and implement short, mid and long-range strategies, which are regularly updated.

Unfortunately in business, as in life, there isn’t always a happy ending. Sometimes, notwithstanding everyone's best efforts, the business doesn't survive. In those situations, my knowledge and experience can assist with winding down the business, the cessation of operations and easing the owner's pain by assuring exposure of their personal assets is minimized.

My Education

Rutgers University School of Law, J.D., with High Honors, 1972

University of Illinois, B.S., Business Administration, 1969

Admissions

Illinois, 1972U.S. District Court for the Northern District of Illinois, member of Trial BarU.S. Court of Appeals for the Seventh CircuitU.S. Bankruptcy Court for the Northern District of Illinois

Memberships

Chicago Bar Association, Bankruptcy Committee Illinois State Bar Association American Bar Association American Bankruptcy Institute American Board of Certification (Director, 1997 – 1999) Illinois Association of Defense Trial Counsel, North Central Region Trial Academy, 2009-2010
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