Major exemptions available when filing for bankruptcy in Illinois are listed below, with a brief description of each exemption. Illinois has opted not to allow its residents to utilize the federal exemptions, so only Illinois statutes that define and list the exemptions can be used. A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. The Illinois bankruptcy exemption statute must be used when filing for exemptions. A bankruptcy lawyer knows the particulars of filing for bankruptcy, and can recommend what chapter of bankruptcy is right for you. A bankruptcy lawyer can also ensure that your exemptions are filed correctly.
Last Modified: 04-22-2014 10:19 AM PDTLaw Library Disclaimer
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