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» Ask A Question » Your Rights » Asset Protection » About Business Cases » Preferences » Are You A Creditor? » Divorce, Matrimonial & Family Law » Fraud » Elder Law » Visit our Spanish version! |
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Illinois law allows you
to protect a reasonable amount of your property and all of some types
of your property. For example, if you file a bankruptcy, you may protect and keep, among other things: $7,500 equity in your house for each owner 100% of the equity in your house if you hold title as tenants by the entireties (unless you have joint debts) $2000 in value of personal property in general $1,200 in equity in one motor vehicle 100% of the cash surrender value of whole life insurance for the benefit of your spouse or dependents 100% of the death benefit of life insurance on the life of your spouse or dependents. $7,500 in value of a personal injury case 100% of the recover of a workers compensation case 100% of your reasonably necessary clothing $700 in value of tools of trade 85% of wages due you not yet collected 100% of welfare benefits received or to be received 100% of alimony or child support 100% of the value of a retirement plan, IRA, 401k or similar plan We analyze your assets very carefully and claim every exemption to which you might conceivably be entitled. You also have the right, in bankruptcy, to avoid certain liens on household goods and judgment liens against your real estate. If you have such a lien, please advise us as the result varies from case to case. You have the right to redeem personal property for the present fair market value. We can often help you to refinance an unfavorable debt on a vehicle with this tool. You have the right to reaffirm a debt secured by real estate or personal property. Sometimes, we can obtain a reaffirmation on favorable terms. You may have rights against your mortgage lender under the Truth in Lending Act and other laws to protect you against predatory lending practices. Bring your entire loan package and we will analyze this for you at no extra charge. |
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