Financial, Real and Personal Property
One of the first questions people ask about bankruptcy is, "What assets will I lose?" The answer depends on the chapter of bankruptcy you file, the types of assets you have and which state you live in. To answer these questions, do not rely on advice of family or friends. Speak with a bankruptcy lawyer instead.
At The Law Offices of Chad M. Hayward, P.C., we understand your concerns about bankruptcy. After reviewing your assets and debts, we will discuss your options. To schedule a free consultation with an Illinois bankruptcy property exemption lawyer, please call 888-804-8641 or contact us online.
What Property Can You Keep?
Before you file bankruptcy or liquidate assets, you should talk with a bankruptcy lawyer. You need to consider your income, financial assets, personal and real property, and the type of debt you have before you decide how to proceed.
Some property and assets are exempt from bankruptcy. Exemptions in Illinois include:
- Homestead, farm, lot of land, condominium exemption of $15,000. If owned by two or more people, the value may not exceed each person's proportionate share of $30,000.
- Vehicle exemption not to exceed $2,400
- In any debtor's equity interest in other personal property not to exceed $4,000 for individuals and $8,000 for couples
- Clothes
- Health aids prescribed for the debtor and/or dependents
- Life insurance policies
- Retirement accounts, pensions and 401(k) plans
- Alimony, support or separate maintenance that is reasonably necessary for the support of the debtor and any dependents
- Social Security benefits, veteran's benefits and public assistance
- Workers' compensation and unemployment compensation
- The debtor's equity interest, not to exceed $1,500 in value, in implements, books or tools of the trade
- Crime victim reparations
It is best to discuss your specific circumstances with a bankruptcy attorney to learn how these exemptions apply to you.
Chicago Real Estate Bankruptcy Exemption Attorney
Please call our office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oakbrook and St. Charles.
