When filing for bankruptcy in Illinois there are a number of bankruptcy exemptions available, including the homestead exemption, which is a particular interest to home owners hoping to retain their domicile. Illinois Bankruptcy Homestead Exemption Under the Homestead Exemption, a homeowner is able to exempt up to $15,000 of equity on their home or other property used as a residence. That amount doubles to $30,000 for couples filing jointly. The Illinois statute has a special provision for … [Read more...]
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Illinois Chapter 7 Bankruptcy Exemptions at a Glance
Illinois Chapter 7 bankruptcy protection offers filers a fresh financial start by liquidating much of their debt while allowing them to hold on to certain assets. Working with an experienced bankruptcy attorney can help Illinois residents eliminate debt and maximize chapter 7 bankruptcy exemptions. Chapter 7 Bankruptcy Exemptions Retirement Savings - Typically retirement accounts such as 401Ks and IRAs are exempt in charter 7 bankruptcy meaning that creditors cannot cash in on these … [Read more...]
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