Bankruptcy protection offers a legal strategy to eliminate debt for individuals who are facing financial difficulty. In a chapter 7 liquidation bankruptcy, a debtor’s nonexempt assets are sold and their creditors are paid from the proceeds. Any claims that remain unpaid are discharged.
Notable exemptions include but are not limited to:
- Illinois homestead exemption up to 15K
- Illinois motor vehicle exemption up to $2400 on one motor vehicle
- Illinois Wildcard Exemption of $4K that can be applied to make up the difference where other exemptions fall short
**If a couple is filing bankruptcy jointly, virtually all exemption amounts are doubled if each spouse has ownership interest in the property.
Many individuals who are considering bankruptcy protection often have questions regarding exemptions. Many wish to keep their vehicle to get back and forth to work and also have questions about staying in the family home.
These are all valid concerns and it is helpful to work with an experienced attorney to get the answers you need. Peoria bankruptcy attorney Charles E. Covey will work with you to maximize your exemptions, striving to keep an essential car or other property, while discharging your debt so you can get a fresh start. To get more information regarding what you can expect under Chapter 7 bankruptcy protection, contact Charles E. Covey for help today at 309-674-8125.
