Des Plaines Area Bankruptcy Lawyer
Representing Clients Throughout the Niles, Illinois Area
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.
At the Law Office of Scott C. Polman, I understand the fear and confusion often associated with overwhelming debt and the bankruptcy process. My experience and knowledge of the various exemption laws allow me to offer advice on the impact that bankruptcy can have on your home, car, and your most treasured possessions.
Detailed Advice From a Niles Chapter 7 Bankruptcy Attorney
Federal and state bankruptcy laws provide 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:
- Pension benefits and 401(k) or other retirement accounts
- Necessary wearing apparel
- Medical malpractice receivables
- Workers' compensation benefits
Protecting Your Property and Maximizing Exemptions
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 utilize 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 a free consultation to discuss your debt relief options and learn more about the exemptions available in bankruptcy.
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.
