Bankruptcy Exemptions in Illinois
Chicago Bankruptcy Law Firm
Filing for bankruptcy can be a scary experience with the right information. When you have an experienced attorney on your side, you have someone with the information you need to make educated decisions about your unique financial position.
Our attorneys are knowledgeable and skilled. 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.
Call us at (312) 313-1613 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 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, school books 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 Atlas Consumer Law, we have wise, creative, and skilled bankruptcy attorneys who help our clients file bankruptcy in a timely and efficient manner. 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 (312) 313-1613.