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Bankruptcy Exemptions in Illinois

Filing for bankruptcy can be a scary experience when you are not armed with information. When you have an experienced attorney on your side, you have someone with the information you need to make educated decisions about your financial problems.

Our attorneys at Sulaiman Law Group, LTD, are knowledgeable of bankruptcy laws. We know that the area of debt relief changes regularly, and we take the time to stay current and up to date on recent laws. In that way, we can serve our clients best.

Contact our lawyers in Oak Brook, Illinois. We serve individuals and families in their bankruptcy matters in Chicago and throughout the surrounding areas. Call us at 630-413-9054 for a case assessment.

What Can I Keep?

Generally, the concept of going through bankruptcy is that you liquidate your assets to pay off your debt. However, if you file for Chapter 7 bankruptcy, there are state exemptions in Illinois that allow you to keep the vast majority of your property. While the list below is not inclusive of all exemptions, it includes the ones we are most commonly asked about:

Homestead: Real or personal property that is the residence of the debtor. This can include a farm, condo and mobile home. The value is capped at $15,000 for an individual; however, a husband and wife filing jointly can keep $30,000.
Personal property: Bibles, family pictures, schoolbooks and needed clothing
Motor vehicle: Up to $2,400 in value
Personal injury lawsuit: Recovery up to $15,000
Insurance: Some insurance can be kept, including health and disability insurance.
Alimony and child support: Needed for support
Pensions: Certain pensions are considered exempt under Illinois law.
Some public benefits: Workers' compensation or veterans benefits are exempt.
Tools of trade: Up to $1,500 in value
Wild card: $4,000 of any personal property

At Sulaiman Law Group, LTD, we have wise, creative and skilled bankruptcy attorneys who help our clients file bankruptcy in a timely and efficient manner.

Contact Our Bankruptcy Lawyers

Our lawyers take the time to analyze your situation and ensure that they are using the right legal option. We want to put you in the best situation possible. Contact us online or by calling us at 630-413-9054.

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Ahmad is a real gem in the legal profession. I strongly recommend him.

Mr. Mohammed Badwan is an excellent, sincere and knowledgeable attorney. He is always on top of negotiations with creditors and gets back to you promptly to give you any updates.. He makes you feel very comfortable and stays with you as a good legal advisor through the entire process.

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Sulaiman Law Group is an outstanding law firm. It is unique in a way that its philosophy is in getting the job done without making things complicated. Most lawyers like to make your matters sound more complex than they are, and that's where they justify their high costs. The entire team at this firm is very compassionate, responsive, courteous and efficient. Everyone is extremely professional and respectful, and treat you like family.

This firm is a rare find in legal field. We are delighted to have found them and would whole heartedly recommend them.

Sulaiman Law Group, LTD
900 Jorie Boulevard , Suite 150
Oak Brook IL 60523
Oak Brook Law Office

Phone: 877-900-9298
Phone: 630-413-9054
Fax: 630-575-8188

At the Sulaiman Law Group, LTD, we represent clients from Chicago, Illinois, and throughout the surrounding region, including Oak Brook, Wheaton, Downers Grove, Hinsdale, Oak Park, Elmhurst, Lombard, Villa Park, Lagrange, Westmont, Melrose Park, Naperville, Joliet, Orland Park, Cicero, Carol Stream, Schaumburg, Berwyn, Aurora, Bolingbrook, Cook County, Dupage County, Will County, Lake County, Kendall County, Kane County and throughout Chicagoland.