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Filing Bankruptcy in Illinois

Bankruptcy exemptions under Illinois bankruptcy laws - get maximum debt relief.

Illinois bankruptcy filings can have serious consequences. During your bankruptcy, you’re not allowed to incur any more debts. Even though the debtor is suffering from severe financial crisis, he or she still needs to earn enough to cover certain expenses such as food, transportation, and housing expenditures. As per Illinois bankruptcy law, the court will determine your income and assets to pay off your creditors. Also according to the bankruptcy law, certain assets will be exempted i.e. some of the assets owned by you will not be liquidated. It’s suggested you avail the services of an experienced Illinois bankruptcy attorney to find out which of the assets you can keep, and which assets have to be disposed off to pay your creditors. As per the bankruptcy statute, the debtor can choose between Illinois Chapter 7 bankruptcy, or go in for Illinois Chapter 13 bankruptcy, depending upon the nature and extent of your debt. Filing bankruptcy in Illinois can be a trying experience, and so if you take professional help, the entire bankruptcy process can turn out to be comparatively easy. It’s suggested you find out which Illinois bankruptcy attorneys are available in your area, and select one to help you.

State exemptions in Illinois

Federal bankruptcy exemptions are not available in Illinois.

Homestead

Any property including a building, farm, condominium, or a mobile home up to $7,500. The sales proceeds are exempted up to 1 year from the date of the sale.

Wages

A minimum of 85% of all earned and unpaid wages. The bankruptcy judge can authorize further exemptions for low-income debtors.

Wild card

Up to $2,000 on any personal property.

Automobiles

Motor vehicles up to $2,400.

Misc.

Alimony and child support exempted. Property registered as a business partnership.

Illinois bankruptcy lawyer

Illinois bankruptcy lawyers have the experience and the legal standing to represent you in the bankruptcy court. They can negotiate on your behalf, and make sure you get the exemptions you need to make your bankruptcy filing worthwhile. Bankruptcy does provide debt relief, however you have to put in efforts to get the maximum advantage you can avail. So retain your local bankruptcy lawyer, and work out your bankruptcy exemptions if you’re sure to consider a bankruptcy filing as a way of getting debt relief.

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