What Can You Keep In Chapter 7 Bankruptcy?

Illinois Exemptions Allow You To Keep Many Essentials

When considering your debt relief options, you're likely concerned about protecting your assets and property. Before filing for Chapter 7 bankruptcy, it's important to understand the impact the process may have on your possessions and the options you have for protecting them.

My Experience Will Help You Maximize Your Debt Relief Options

I am Scott C. Polman, an experienced Niles bankruptcy lawyer who understands the fear that can stem from overwhelming debt concerns. My experience and knowledge of the various exemption laws can be applied to help you gain your fresh start. Contact my Niles, Illinois debt relief law firm to learn how filing for Chapter 7 bankruptcy can help you regain control of your financial situation.

Illinois law provides protection for many assets during the Chapter 7 liquidation process. In Illinois, the following assets can be protected up to a certain dollar value:

  • Homestead (equity)
  • Vehicle
  • Personal property
  • Tools of the trade
  • Personal injury awards

In Illinois, the following assets have no limit on their exemptions, and can be fully protected regardless of their value:

  • 401(k) or other retirement accounts
  • Necessary wearing apparel
  • Medical malpractice receivables
  • Workers' compensation benefits

Contact My Niles, Illinois, Law Firm To Protect Your Property

In many cases, it's possible to file for bankruptcy without losing your home or vehicle. In fact, under current exemptions statutes, it's quite possible to file for bankruptcy without losing any assets. I work hard to use these exemptions in order to maximize the protection of your possessions during your bankruptcy case.

Contact my office online or call 847-292-1989 to schedule an initial consultation and learn more about the exemptions available in bankruptcy. I am a member of the National Association of Consumer Bankruptcy Attorneys (NACBA).

BAPCPA disclosure: My firm is a debt relief agency as designated by federal law. We help people file for bankruptcy relief under the Bankruptcy Code.