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...]
Is a Trust Safe from Bankruptcy?
I am a named beneficiary of a revocable trust. Will the assets be attached in a bankruptcy? When you file for bankruptcy, a trustee will look for assets that you own in order to sell and pay your creditors. Whether the assets in your trust are vulnerable in bankruptcy boils down to who has control of the assets in the trust. Revocable Trusts in a Bankruptcy If you have a revocable trust, the person waiting to receive something from the trust (called a trust beneficiary) does not … [Read more...]