What Can I Keep?
In a Chapter 7 bankruptcy, the debtor’s nonexempt assets are liquidated and proceeds are used to pay off creditors. Many people are afraid to file for Chapter 7 bankruptcy because they fear losing all of their property.
In reality, most people who qualify for Chapter 7 bankruptcy have little or no qualifying assets to lose. Most properties, including family homes and vehicles, fall under the list of bankruptcy exemptions.
Do not let a fear of asset liquidation stop you from exploring bankruptcy options. It is a viable and helpful tool for relieving you of your debt burden.
Illinois Bankruptcy Exemptions
Important bankruptcy exemptions under Illinois law include:
- $15,000 of equity in a home ($30,000 for a married couple filing jointly)
- $2,400 of equity in a motor vehicle
- 100 percent of pensions and retirement benefits
- Personal property such as clothing, furniture and books
- Cemetery and burial funds
- A wild card exemption of $4,000 that you can apply to any property, aside from wages
If you have concerns about losing property in a bankruptcy, it is important to work with an experienced attorney. Oversights in regard to bankruptcy exemptions can result in losing property you should have been able to keep.
With more than 30 years of experience, I can help you enjoy the protections of bankruptcy law while keeping as much property as the law will allow.
How To Contact Me
If you have questions or concerns about losing property in a Chapter 7 bankruptcy, I am here to help. Call me, Lake County bankruptcy law attorney Paul R. Idlas, at 847-986-8862, or contact me online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.