What Are The Bankruptcy Exemptions In Illinois?
When you file bankruptcy, you are allowed to retain certain property as exempt from the claims of creditors. If an asset is exempt, it cannot be taken by the trustee to assist in paying the claims of your creditors. It is likely that everything you own might be claimed as exempt in bankruptcy. The assets each individual who files bankruptcy can claim as exempt include:
- All clothing
- Up to $2,400 (per person) of equity in a motor vehicle
- Up to $15,000 (per person) of equity in your personal residence; ($30,000 for a married couple)
- Certain life insurance policies and annuities contracts
- All IRAs, 401K plans and other retirement funds
- $1,500 of tools of your trade
- Up to $10,000 of proceeds from a personal injury claim
- $4,000 (per person) of miscellaneous personal property; ($8,000 for a married couple)
There are numerous additional exemptions available which are not listed above. One of the most important services we can provide as your attorney, is assisting you in determining what property can be claimed as exempt, and how the exemption claim should be made.
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