My question involves business law in the state of: Illinois
Plaintiff – Illinois
My Company - Pennsylvania
My company (S –corp) is involved in a lawsuit and the legal costs have basically bankrupted the company. I prefer to Chapter 7 but I can't move or sell my trademark in that situation. Company has a trademark that has value to me worth about 700K sales per year. If I file for Chapter 7 I risk the trustee putting it up for sale otherwise I would do it yesterday and start all over the next day. I can no longer afford the legal expenses and realize the plaintiff will be rewarded some judgment. I have tried to settle numerous times but they want the entire amount they are suing for, 66K, which I do not have. They wouldn't even take a payout plan unless I personally signed for it which I will not do.
My question is what are the ramifications if I dissolve my company during litigation?

