Bankruptcy Exemptions in Kane County
We Can Help You Protect Your Property!
A deterring factor for many people who are considering bankruptcy is the thought of having to give up their most valuable belongings. Vehicles, residential property, retirement benefits – won’t it all disappear by filing? By taking advantage of Illinois’ bankruptcy exemptions, this does not have to be the case. At Hipple Law P.C., we want to help you protect the things that matter most.
Our Kane County lawyer has 20+ years of experience and is equipped to handle the many nuances of a bankruptcy filing. We truly care about our clients’ needs, which is why we intend to exercise every effort to keep your property and finances it in your possession even after you file.
What Bankruptcy Exemptions Can I Claim When Filing in IL?
In Illinois, the state exemptions are applied to allow bankruptcy filers to exempt a portion or all of their property.
Some of the most common bankruptcy exemptions in Illinois include:
- Homestead: real property up to $15,000 per individual owner and up to $30,000 for a married couple for individual and joint property; real property held as tenancy by the entirety by married couples may also qualify for exemption all equity in a marital residence
- Personal Property/Wildcard: unlimited exemptions for clothing, Bible, schoolbooks, and family photos. Any other personal property up to $4,000 for an individual and up to $8,000 for a married couple.
- Motor Vehicles: up to $2,400 per individual owner and $4,800 for a married couple
- Pensions: 100% of all pension benefits
- Retirement Accounts: the majority of qualified plans funded through an employer are 100% exempt (i.e. 401k, 403b, IRAs, etc.)
If you file for Chapter 7, these exemptions can impact what property you can keep after filing. Exemptions in a Chapter 13 bankruptcy, however, could impact how much you would pay to certain creditors.
We Are on Your Side
When you file for bankruptcy, it can seem like everyone is working against you. We want to alleviate this feeling by offering unparalleled legal support throughout the entirety of your case. As a respected law firm dedicated to helping our clients succeed, you can have confidence when our experienced team is on your side.