Illinois Bankruptcy
Are you overwhelmed by bills and having a hard time making ends meet? Chapter 7 bankruptcy may help you eliminate your debt. Talk to an Illinois bankruptcy attorney today about your debt-relief options.
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Filing Chapter 7 Bankruptcy in Illinois
If you live in Chicago, Aurora or anywhere else in Illinois and are considering filing Chapter 7 bankruptcy, you probably have questions about the state’s bankruptcy exemptions.
By having an Illinois Chapter 7 bankruptcy lawyer guide you, you’ll have the chance to learn which assets you own might be exempt from Chapter 7 liquidation. Fill out the above form and get connected to a local lawyer today.
Illinois Bankruptcy Laws
Chapter 7 bankruptcy is often called “liquidation bankruptcy” because a bankruptcy trustee has the power to liquidate (sell) a debtor’s non-exempt assets and apply the money to unpaid, unsecured debt.
But don’t panic–most people who file Chapter 7 bankruptcy don’t own any non-exempt assets. This means that the debtor often gets to keep most, if not all, of his or her property.
Illinois Bankruptcy Exemptions
The following information provides a simple introduction to Illinois Chapter 7 exemptions. To get more detailed information and advice, contact an Illinois Chapter 7 bankruptcy lawyer.
Important Chapter 7 bankruptcy exemptions in the state include:
Homestead: Up to $15,000 for residential property.
Wages: 85 percent of weekly earnings.
Vehicles: $2,400 exemption for one vehicle.
Personal Property:
- 100 percent exemption for necessary clothes, Bibles, school books and family pictures.
- $1,500 in implements, books and tools of the trade.
- Up to $4,000 for any other personal property.
Questions? Talk to an Illinois Chapter 7 Bankruptcy Attorney
Illinois Chapter 7 bankruptcy exemptions can be extremely specific and may seem a bit confusing. An Illinois bankruptcy lawyer can explain how they may impact your Chapter 7 bankruptcy case.
At Chapter7.com, it’s easy to get in contact with a Illinois Chapter 7 bankruptcy lawyer. Simply fill out our free bankruptcy evaluation form or give us a call at 877-226-6844 and we’ll help you get in touch with a local Illinois Chapter 7 bankruptcy lawyer as soon as possible.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.