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Bankruptcy Exemptions in Illinois
Our Chicago 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 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.
Illinois Bankruptcy Exemptions
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 Chapter 7 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.
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