Archives for October 2023

Under bankruptcy, some property is exempt from the bankruptcy, which can vary from state to state. Property that is not exempt can be sold by the bankruptcy trustee to pay off creditors. If you have questions regarding what property is exempt in the state of Illinois it is important to consult a local bankruptcy attorney for up to date information as exemptions amounts can change. Common exemptions include a certain amount of equity in a home - the homestead exemption - that doubles for … [Read more...]

If you are considering bankruptcy protection to solve a difficult financial situation, it is important to note that some debt cannot be discharged. For starters, debt such as child support arrears and back taxes that many Americans struggle with cannot be discharged in bankruptcy. Student loan debt is difficult to discharge, reserved for those who can prove extraordinary undue hardship, with discharge meted out on a case by case basis. Whether debt is discharged can also depend on whether … [Read more...]