Crystal Lake (815) 788-9511

Bankruptcy Exemptions

Illinois Bankruptcy Exemptions (partial list)

Illinois Homestead Exemption (735 ILCS 5/12-112)

Protects up to $15,000.00 of equity in the primary residence occupied by the debtor.  If you are married and filing individually, the exemption may protect up to 100% of the equity in the marital residence if the title is held as a "Tenancy in the Entirety" and there is no joint debt.

Illinois Motor Vehicle Exemption (735 ILCS 5/12-1001(c)

Protects up to $2,400.00 of equity in a vehicle titled to the debtor.

Illinois Wildcard Exemption (735 ILCS 5/12-1001(b)

Protects up to $4,000.00 of personal property, such as household goods, electronics, bank account balances, cash, tax refunds.

Illinois Personal Injury Claim Exemption (735 ILCS 5/12 1001 (h)(2)(4))

Protects up to $15,000.00 of the net proceeds of a personal injury award or settlement.

Illinois Retirement Accounts (735 ILCS 5/2-1006)

Protects 100% of qualified retirement accounts, such as 401ks, pensions, and most IRA's.

Contact us here or call our firm today at (815) 788-9511  for a free consultation.

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Law Office of Timothy Brown is committed assisting individuals in need of Debt Relief, Bankruptcy Litigation, Chapter 7, Chapter 13, Creditor Harassment Defense, Debt Collection Defense, and Foreclosure law issues in Illinois.

We will discuss your case with you at your convenience. Contact us today to schedule an appointment.