Property Exemptions: Chicago Bankruptcy
Bankruptcy Lawyer Serving Chicago, IL
When most people consider filing for bankruptcy, they may feel that their property is at risk. Fortunately, Illinois law protects specific property when a borrower files for bankruptcy. This means that much of your property may be protected from liquidation in a Chapter 7 bankruptcy. To find out more about exactly how bankruptcy exemptions may affect your assets, feel free to contact a Chicago bankruptcy lawyer at our law offices at your earliest convenience. We offer a free consultation to help you get started in receiving the guidance you need.
Following are some of the basic property exemptions that may apply in a Chicago bankruptcy (these may vary depending on the particular case):
- Homestead exemption of up to $30,000 for a married couple's home, condominium or other living space; individuals' homestead exemptions are limited at $15,000
- Proceeds from selling a home are exempted for one year after the sale
- Motor vehicle exemption of up to $2,400
- Bible, family pictures, schoolbooks, clothing, family heirlooms, health aids and furniture
- Health or disability benefits
- Life insurance benefits in some situations
- Alimony or child support
- Pensions for civil service employees, firefighters, judges, police officers, public employees, teachers and other qualified professionals
- Recoveries up to $15,000 received from personal injury suits
- Tools of trade exemption of up to $1,500
- Wildcard exemption of up to $4,000 for personal property
Protect Your Property and Assets
A bankruptcy attorney at our Chicago law firm can help you approach your case correctly, in order to ensure your property and assets have the protection they need under the state's bankruptcy exemption laws. Additionally, we can guide you through the process of filing for bankruptcy to ensure your financial needs are fully protected and you have the opportunity to take full advantage of a fresh financial start.
Contact a Chicago Bankruptcy Lawyer at our law firm to learn more about property exemptions and bankruptcy in Illinois.