Bankruptcy Exemptions in Illinois
Our Chicago Bankruptcy Attorneys Can Help Protect Your Assets
It is a common assumption that filing for
Chapter 7 bankruptcy will cause you to lose everything – your house, retirement funds,
even your vehicles. Our firm happily tells clients that this is far from
the truth. The state of Illinois offers bankruptcy exemptions which can
help you save your most valuable possessions. In order to take full advantage
of these exemptions, it is important to retain a
Chicago bankruptcy lawyer you can trust.
At Smith Ortiz, P.C., clients come first. We make an effort to create unique
strategies that apply to your circumstances and remain in close contact
with you throughout your case. Our ability to analyze cases with the complete
picture in mind is a benefit that goes far beyond bankruptcy, instead
allowing you to gain permanent financial freedom. To discuss your case
with our lawyer, schedule an
initial case evaluation.
Maximize Your Exemptions with Smith Ortiz, P.C.
Bankruptcy filers in Illinois are permitted to use state exemptions, but
cannot take advantage of any federal exemptions. Fortunately, Illinois
has generous exemptions and also allows married couples to double their
exemption amount. This means that each spouse can claim the full exemption
amount for any property they individually own.
Some of the most common exemptions include:
Homestead: real or personal property up to $15,000
Personal property: unlimited exemptions for clothing, the Bible and school books, and family photos
Motor vehicles: up to $2,400
Wages: either 85% of your gross earnings or 45 times the federal minimum hourly
wage, whichever is greater
Pensions: 100% of all pension benefits
Wildcard: any other personal property up to $4,000, wages not included
These amounts are updated intermittently, so you should seek legal representation
even before you begin filing. Accurate exemption amounts are critical
to successfully protecting your property.
Our firm can ensure that you are current with state laws. No matter how complex
your case may be, we are here for you. You can trust our Chicago bankruptcy
attorney to guide you through the filing process so that you retain the
maximum property possible.
Call Smith Ortiz, P.C. right away to get started.