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Exempting Assets From Liquidation (LITH)

Exempting Assets From Liquidation

Chapter 7 bankruptcy allows the debtor to discharge their debt.  In order to obtain this remedy, the debtor must be willing to surrender their non-exempt assets so that the trustee can sell the assets and give the proceeds to the creditors.

In many Chapter 7 cases, the debtor will keep their assets so long as the value of the assets are within the statutory limits.  In cases where the assets are not fully protected by said allowances, the debtor may want to consider filing for Chapter 13 bankruptcy, which normally will protect the assets.

Here are some of the exemptions allowances under the Illinois exemption statute:

  • $15,000 homestead exemption (primary residence)
  • $4,000 wild card exemption (personal property)
  • $2,400 motor vehicle exemption (debtor's vehicle)

If you would like to know whether the applicable exemptions are sufficient to protect your assets, contact us online or call our bankruptcy law firm at 815-788-9511.  We provide free consultations to individuals in the Lake in the Hills area.

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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.