Filing Bankruptcy in Illinois A Brief Overview by Attorney John Carlin

Sharing buttons:


even though bankruptcy is federal law

you must make sure you fully understand

Illinois's provisions for filing

bankruptcy i'm attorney john carlin and

we can help you navigate the complex

world of filing bankruptcy in illinois

the biggest difference between

bankruptcy in illinois and other states

is the property that is exempt for

protected or protected from creditors

illinois applies its own exemption

statutes for example you can use the

homestead exemption to protect up to

fifteen thousand per person in equity in

the house in which you live in that

means specifically that a couple filing

a joint bankruptcy could exempt thirty

thousand dollars in total bankruptcy law

in illinois protects up to twenty-four

hundred per person in the value of any

one motor vehicle this did in your

bankruptcy plan if you file bankruptcy

with your spouse you could protect up to

forty eight hundred dollars as long as

you both are in the title of the

specific vehicle the personal item is

exemption protects a hundred percent of

personal items such as your clothing

books family photos when you file for

bankruptcy in illinois the life

insurance proceeds exemption protects

any payment under a life insurance

policy that ensured the life of an

individual that you support or whom you

are independent illinois law prevents

creditors from ever touching the

proceeds of your harder retirement plan

anything from stock bonuses pensions

profit sharing plans and annuities may

be exempt as long as your savings are in

a quiet qualified retirement plan the

llinois law also protects up to fifteen

hundred dollars worth of tools and books

that you use in your profession

bankruptcy filing in illinois protects a

hundred percent of the compensation you

receive under illinois workers

sensation laws using the wild-card

exemption in your bankruptcy case you

can protect 4,000 a person and $8,000 a

married couple of any of your personal

property while filing and completing a

bankruptcy can be a complicated process

the bankruptcy attorneys can help you

successfully complete your bankruptcy

plan we're sensitive to the difficult

time you may be facing we offer a free

no obligation consultation with evening

and weekend avail appointments available

imagine getting a fresh start being able

to finally lead a debt-free life again

please call us toll free at eight six

six seven nine zero eight six zero one

and request a free legal consultation