Can I Keep This? What to Remember about Exemptions for Personal Property in Illinois
A debtor filing for bankruptcy may want to consider their exemption options if they want to file for Chapter 7 bankruptcy. These exemptions allow debtors to keep property that may be important or personally meaningful. Property that is not covered by an exemption may be exposed to sale as a part of the liquidation process, though this is relatively rare. However, these exemptions change on a state-to-state basis, so it is important that you are aware of those in Illinois.
If your debt load has become unmanageable, you may be eligible to file for Chapter 7 bankruptcy. For additional information regarding your rights and options, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
3 Things to Know about Personal Property Exemptions
The laws affecting Illinoisans are not the same for other people in other states. This is why, when looking for advice, a debtor may want to go to a professional attorney to learn what they can about their own state’s standards. In Illinois, a person may want to consider the following about personal property exemptions:
#1: Personal Injury Claims Are Protected
A major issue for many people is whether they will be allowed to receive their personal injury rewards during bankruptcy. These rewards and settlements can be crucial to cover the cost of medical bills or lost wages due to an injury. In Illinois, a person can exempt up to $7,500 of their personal injury sum. Additional, certain wrongful death settlements may be considered exempt.
#2: Vehicles Are Covered
A person can file for a bankruptcy exemption for a car or truck up to $1,200, which can be coupled with another exemption for additional protection. Additionally, boats can be exempted as long as they are over 12 feet in length.
#3: Necessary Property Is Generally Exempted
Exemptions for other important and necessary property are often available. This means that a person can protect important property such as clothing, medical devices and drugs, and textbooks for school.
If bankruptcy seems like the best option for you, we may be able to help you find out what exemptions and benefits may be available to help. To learn more about gaining a fresh start through bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.