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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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AS OUR CLIENT, YOU HAVE THE RIGHT TO BE TREATED WITH CARE, KINDNESS, COURTESY, RESPECT, PROFESSIONALISM AND DIGNITY. WE GIVE EACH OF OUR CLIENTS PERSONALIZED, INDIVIDUAL ATTENTION AND SERVICE. YOU WILL NOT FEEL LIKE YOU ARE IN AN ASSEMBLY LINE AT LEIBOWITZ LAW CENTER.
Illinois law has been amended to allow you to protect much more of your property than in the past. Illinois exemptions will apply to you only if you have lived in Illinois more than 730 days. Otherwise, we will have to use the exemptions from the state where you used to live. These may be more or less than what you would have had available to you in Illinois. In addition, some assets which might be exempt under Illinois law will not be exempt in all cases in bankruptcy. For example, if you file a bankruptcy, you may protect and keep, among other things: • $15,000 in equity in your house for each owner not to exceed $30,000 for the house as a whole • 100% of the equity in your house if you hold title as tenants by the entireties (unless you have joint debts) • $4000 in value of personal property in general • $2,400 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. • $15,000 in value of a personal injury case • 100% of the recover of a workers compensation case • 100% of your reasonably necessary clothing • $1,400 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, limited to $1 million unless equitable considerations require a greater exemption. Assets which are exempt might be utilized by a bankruptcy trustee to satisfy Domestic Support Obligations, such as child support or alimony arrearages or certain non-dischargeable taxes. 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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