What You Need to Know about the Homestead Exemption
When a person files for Chapter 7 bankruptcy, they may file for certain exemptions that can help them protect their property from being foreclosed or sold off by the bank. These exemptions can extend to several different types of property, including real estate and houses. An exemption on this property can allow the property owner to keep their house instead of needing to forfeit it for the Chapter 7 process.
If you are facing bankruptcy due to overwhelming debt, there may be methods available to help you to retain the property that is important to you and your family. For more information regarding your options, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Some Tips about the Homestead Exemption
A debtor looking for help holding onto their property should consider the following tips about the homestead exemption:
#1: Filing Occurs before a Bankruptcy
When a person wants to file a bankruptcy exemption, they need to do so before other bankruptcy proceedings begin. Also, they need to make sure that they are filing with the right office for the homestead exemption.
#2: The Homestead Exemption Can Cover Different Types of Property
According to Illinois bankruptcy law, the exemptions available for real estate and houses can cover several different types of property. This can include condominiums, houses, mobile homes, and other properties. Just because a person does not own a house does not mean that they cannot file for the homestead exemption.
#3: Spouses Can Couple Their Limits
When spouses file for a homestead exemption in bankruptcy, they can couple their exemption limits. Normally, these limits are set at $7,500 for individuals.
If bankruptcy is on the horizon and you need help fighting for property that is crucial for your family, our experienced attorneys may be able to help you. To learn more, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 today.