Steven B. Chaiken

Steve Chaiken joined Adelman & Gettleman in January 2007 and became a partner in January 2013. Steve focuses his practice in assisting financially distressed companies and business owners resolving their financial issues. Whether through settlements, out-of-court workouts or formal insolvency proceedings (including assignments for the benefit of creditors or Chapter 7 and 11 bankruptcy cases), based on his now more than 20 years’ experience of practicing law, Steve is able to work with his clients, quickly understand their goals, and develop a strategy aimed at effectuating practical and cost-efficient solutions.

Prior to joining the Firm, Steve served as the general counsel for a telecommunications company in South Florida with annual revenues exceeding $150 million. He successfully assisted the company through a lengthy Chapter 11 which resulted in a confirmed plan of reorganization.

Since joining Adelman & Gettleman, Steve has handled a wide range of matters and represented a variety of different clients, including individual debtors in Chapter 7 bankruptcy cases and a complex individual Chapter 11 bankruptcy case, several corporate debtors in both Chapter 7 and Chapter 11 bankruptcy cases, numerous individual and corporate clients in out-of-court workouts, assignees in assignments for the benefit of creditors, and receivers in state court proceedings.

Among other honors, Steve has been named a "Leading Lawyer" by Leading Lawyers every year since 2018 and is recognized as a “Super Lawyer” by the Illinois Super Lawyers publication. He maintains a Martindale-Hubbell peer review rating of "AV Preeminent," which is the highest rating for professional excellence. In addition, he received a client distinction award from Martindale-Hubbell. Steve is also a member of the American Bankruptcy Institute's Central States Workshop Advisory Board (2019-2021).

Steve also serves on the Board of Directors of Noggin Builders Foundation, a not for profit that provides low-cost or no-cost STEM (science, technology, engineering, and math) programming for children in low-income communities in an effort to develop and enhance creative problem solving skills.

Steve resides in Glenview, with his wife, two young children, their labradoodle, Shaggy, and mini golden doodle, Daphne.

Honors & Awards

• Leading Lawyer, Leading Lawyers, 2018 - present
• Emerging Lawyer, Leading Lawyers, 2015-2017
• Illinois Super Lawyers Super Lawyer, 2020
• Illinois Super Lawyers Rising Stars, 2010-2015
• Martindale-Hubbell Peer Review Rating – AV Preeminent
• Martindale-Hubbell Client Distinction Award
• Selected in June 2012 to serve a two-year term as a member of the Bankruptcy Court Liaison Committee; served as Co-Chair of Committee

Select Representations

• Debtor company, that at one time was the largest African-American-owned publishing firm in the United States and at the forefront of documenting African American history in such publications as Ebony Magazine and Jet Magazine, in a chapter 7 bankruptcy. Assisted the debtor in preserving and maximizing the value of an extensive archive (consisting of over 4 million photographic images and thousands of hours of video and music footage).
• Fortune 500 company in resolving preference action.
• Real estate developer with multiple lenders and multiple properties in a complex individual Chapter 11 bankruptcy case.
• Individual creditor in obtaining the entry of a non-dischargeable judgment in an amount of $1.5 million in favor of his client.
• Chapter 11 trustee appointed to take control of a third-party administrator for retirement plans after the debtor's owner was indicted for alleged criminal actions.
• Individual in vacating judgment entered pursuant to confession of judgment provision appearing in client’s loan documents.
• Assignee in assignment for the benefit of creditors of a flower company in, among other things, liquidating properties in multiple states and generating a significant distribution to unsecured creditors.
• Auto-part company/creditor in obtaining order approving secured financing to the debtor and consummating purchase of debtor’s assets through a 363 sale.
• Receiver in state-court shareholder dispute resulting in consensual resolution among the shareholders.