Best Restructuring & Insolvency Lawyers in Illinois

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Greenberg Traurig, LLP.
Chicago, United States

Founded in 1967
2,300 people in their team
English
Five decades ago, while at lunch in a South Florida deli, attorneys Larry J. Hoffman, Mel Greenberg, and Robert Traurig saw an opportunity to establish a new breed of law firm for South Florida; a firm that mirrored a New York style firm. In 1967, they founded the law firm Greenberg Traurig...
Jones Day
Chicago, United States

Founded in 1893
2,500 people in their team
English
Jones Day has a history of more than 125 years and a culture of client service and professionalism based on explicit shared values. These values include providing pro bono legal services, building diversity in our profession, and supporting outreach efforts around the world.Jones Day has a long...
844SeeMike Personal Injury Lawyers
Chicago, United States

English
844SeeMike Personal Injury Lawyers focuses its practice on representing people injured by negligence, with matters ranging from motor vehicle collisions to unsafe premises, defective products, and catastrophic injury. The firm applies a litigation mindset from day one, preparing every claim as...
MVP Law
Springfield, United States

Founded in 1901
164 people in their team
English
Founded in 1901, MVP Law is never concerned with how others do it; we forge our own path to always meet our client’s needs. Experts in public and private sector workers’ compensation, general liability, and employment and education law, our attorneys are attentive, knowledgeable and ready to...
Bailey Glasser
Chicago, United States

Founded in 1999
123 people in their team
English
Founded by Ben Bailey and Brian Glasser in 1999 in Charleston, West Virginia, Bailey Glasser has grown to include 76 lawyers, with 17 offices across the United States. The firm’s complex litigation practice focuses on high-stakes commercial litigation; class actions for consumers, insureds,...
Gordon Rees Scully Mansukhani, LLP.
Chicago, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...
Arnold & Porter Kaye Scholer LLP
Chicago, United States

Founded in 1946
2,057 people in their team
English
At Arnold & Porter, we are client-driven and industry-focused. Our lawyers practice in more than 40 practice areas across the litigation, regulatory and transactional spectrum to help clients with complex needs stay ahead of the global market, anticipate opportunities and address issues that...

English
The Illinois Hammer Injury Law Firm Dworkin & Maciariello concentrates its practice on representing injured people across Illinois. The team handles claims arising from motor vehicle collisions, trucking crashes, pedestrian and bicycle incidents, premises liability, and wrongful death, guiding...
Perkins Coie LLP
Chicago, United States

Founded in 1912
2,875 people in their team
English
Perkins Coie is a leading international law firm that is known for providing high value, strategic solutions and extraordinary client service on matters vital to our clients' success. With more than 1,200 attorneys in offices across the United States and Asia, we provide a full array of corporate,...

Founded in 1984
227 people in their team
English
The founding vision of Barack Ferrazzano in 1984 was to create a new model that departed from the standard "mega-firm" approaches and, instead, focused on delivering efficient, team-oriented services of the highest quality. Our founding partners - two highly respected law professors at Northwestern...
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About Restructuring & Insolvency Law in Illinois, United States

Restructuring and insolvency law in Illinois deals with helping individuals, businesses, and organizations manage financial distress. The process focuses on providing legal avenues for debt resolution, asset protection, and business reorganization. Illinois follows federal bankruptcy laws, such as the United States Bankruptcy Code, but state law also plays a significant role in areas like property exemptions and creditor rights. Whether you are looking to restructure your company’s debts, file for bankruptcy, or manage creditor claims, understanding the legal landscape in Illinois is crucial to protecting your rights and interests.

Why You May Need a Lawyer

There are various situations where seeking a restructuring and insolvency attorney in Illinois can be beneficial. Common reasons include:

  • Personal Bankruptcy: Individuals facing overwhelming debt may consider Chapter 7 (liquidation) or Chapter 13 (debt reorganization) bankruptcy to seek debt relief.
  • Business Distress: Companies experiencing financial difficulties may need to explore Chapter 11 bankruptcy, restructuring negotiations, or orderly liquidation.
  • Creditor Actions: Facing lawsuits, wage garnishments, or asset seizures from creditors often requires legal intervention.
  • Asset Protection: Legal counsel can help you understand what property is protected under Illinois and federal law.
  • Compliance: Navigating complex filing requirements and court procedures requires experienced legal guidance.
  • Negotiations: A lawyer can negotiate with creditors to settle debts, arrange payment plans, or restructure loans.
  • Fraud Allegations: Facing accusations related to fraudulent transfers or preferential payments during insolvency requires defense from a knowledgeable attorney.

Local Laws Overview

Illinois adheres to federal bankruptcy statutes, but state-specific laws also affect restructuring and insolvency. Key aspects of Illinois law include:

  • Exemption Laws: Illinois has its own set of bankruptcy exemptions. For example, homeowners may protect equity in their primary residence up to a certain limit, and specific personal property is exempt from creditor claims.
  • Assignment for the Benefit of Creditors (ABC): Illinois allows businesses to use an out-of-court process to liquidate assets and distribute proceeds to creditors without bankruptcy court involvement.
  • Creditor Rights: Illinois law outlines procedures for collecting debts, including foreclosures, garnishments, and liens.
  • Receiverships: Courts can appoint receivers to manage and protect company assets in insolvency matters.
  • Business Dissolution: Illinois statutes specify the steps for voluntarily or involuntarily dissolving a business due to insolvency.
  • Consumer Protections: State consumer protection laws guard against predatory lending and abusive debt collection practices.

It is important to consult with a legal professional who understands the intersection of federal and Illinois state law.

Frequently Asked Questions

What bankruptcy chapters are commonly used in Illinois?

The most common types for individuals are Chapter 7 and Chapter 13. Businesses and some individuals may file for Chapter 11 to reorganize debts. Farmers and fishermen have access to Chapter 12. Each chapter has distinct eligibility requirements and outcomes.

Can I keep my house if I file for bankruptcy in Illinois?

Illinois law allows you to exempt a portion of home equity in your primary residence. If the equity is within the exemption limit and you continue to pay your mortgage, you may be able to keep your home.

Are all debts discharged in bankruptcy?

No, certain debts, such as student loans, most tax obligations, child support, and spousal support, are generally not dischargeable in bankruptcy.

What is an Assignment for the Benefit of Creditors (ABC) in Illinois?

An ABC is a state-level alternative to bankruptcy for businesses. It involves voluntarily assigning assets to a trustee, who liquidates them and pays creditors, often resulting in a faster process than formal bankruptcy.

How does debt settlement differ from bankruptcy?

Debt settlement involves negotiating directly with creditors to pay less than the full amount owed, without court involvement. Bankruptcy is a formal, court-supervised process with broader debt relief and legal protections.

What happens to my credit after filing for bankruptcy?

Bankruptcy will negatively affect your credit score and remain on your credit report for 7 to 10 years, depending on the chapter filed. Over time, you can rebuild credit with responsible financial behavior.

What are Illinois exemption laws?

Illinois exemption laws specify the types and amounts of property you can keep during bankruptcy, such as home equity, vehicles, personal belongings, pensions, and more. These protect some of your assets from creditors.

When should a business consider restructuring?

A business should consider restructuring when it faces persistent losses, cash flow problems, mounting debt, or creditor pressure. Early legal intervention can provide more options and save the business.

Are there alternatives to bankruptcy in Illinois?

Yes, alternatives include out-of-court workouts, debt settlements, assignments for the benefit of creditors, and receiverships. An attorney can help determine which route may be best for your situation.

How can a lawyer help in a restructuring or insolvency case?

An experienced lawyer can explain your legal options, negotiate with creditors, prepare filings, represent you in court, and help maximize asset protection while ensuring compliance with all laws.

Additional Resources

For those seeking more information or assistance, consider reaching out to the following:

  • United States Bankruptcy Court, Northern District of Illinois: Offers court forms, filing instructions, and general information about bankruptcy procedures in Illinois.
  • Illinois Attorney General’s Office: Provides consumer debt and bankruptcy education.
  • Illinois Department of Financial & Professional Regulation: Regulates debt management companies and provides information on financial services.
  • Legal Aid Organizations: Groups such as Prairie State Legal Services and Legal Aid Chicago offer free or low-cost legal assistance to qualifying individuals.
  • Local Bar Associations: Many Illinois county and city bar associations offer lawyer referral services for restructuring and insolvency matters.

Next Steps

If you are considering bankruptcy, involved in a business reorganization, or facing creditor actions, here are steps to guide you:

  1. Gather all relevant financial documents, including income statements, tax returns, loan documents, and a list of assets and liabilities.
  2. Review your situation and identify your primary goals, such as debt reduction, asset protection, or business continuation.
  3. Contact a qualified restructuring and insolvency attorney who is knowledgeable in both Illinois and federal laws.
  4. Prepare a list of questions for your initial consultation, and be ready to discuss your financial history and objectives in detail.
  5. Follow your attorney’s advice regarding communication with creditors, asset management, and compliance with court requirements.

Timely, informed action can make a significant difference in the outcome of your restructuring or insolvency case. Legal professionals can help you protect your rights and work toward the best possible resolution.

Lawzana helps you find the best lawyers and law firms in Illinois through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Illinois, United States - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.