Doesn’t Bankruptcy Take Everything? What Can You Keep?
Are you concerned that you will lose everything you own if you file for consumer bankruptcy? Your home? Your car? Your savings? Your ability to acquire a loan or re-establish a credit rating?
While it’s true that some nonexempt assets (luxury items) may be forfeited to pay off creditors, bankruptcy law was not designed to punish people who have money problems. Every state, including Illinois, has certain exemption laws to protect your assets from liquidation.
To learn more about property exemptions — and how to achieve the lasting debt relief that can bring your family back to a sound financial footing — contact Linda Bal & Associates today for a free consultation at 630-912-5970.
Honest Answers To Your Questions
Linda Bal explains how you can exempt valuable assets from your estate and avoid turning over property to a bankruptcy trustee, to satisfy an unsecured creditor’s claims. Your property exemptions could include:
- Home equity (up to $1500/3000 married couple)
- Equity in a motor vehicle (up to $2400/4800 married couple)
- Household goods
- Tools used for your livelihood
- Retirement benefits, pensions and account funds (401k, IRA, IMRF)
- Life and health insurance policy
- Personal injury claim
- Beneficiary funds, life and health insurance
- Disability financial assistance
- Workers’ compensation
- Unemployment benefits
- Wild card exemption ($4000/8000 married couple)
If your assets are subject to liquidation in Chapter 7, i.e. too many assets in the luxury category, Chapter 13 bankruptcy may prove to be the better option. Our experienced lawyers offer the solid counsel and sound advice you need to determine which is the best option for you.
Contact Us To Discuss Your Particular Circumstances
With offices in Rosemont, Algonquin, Itasca and Naperville, the lawyers of Linda Bal & Associates provide legal advice and representation for clients in communities throughout the Greater Chicagoland area. Contact our firm at 630-912-5970 initial consultation with an experienced attorney at an office near you.