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Keeping Your Personal Belongings

Most bankruptcy advertising emphasizes that you can keep most of your personal belongings such as furniture, appliances and the contents of your home. This is largely true because of exemptions. In a bankruptcy or other collection lawsuit each debtor is entitled to certain exemptions, simply put, items are exempt which can not be taken from the debtor by any creditor. Exemptions are governed by state not Federal law therefore each state has its own exemption schedules.

Illinois State Law for example allows you to have a $15,000.00 homestead exemption for your home, a $2,400.00 exemption for a car and a $4,000.00 exemption on any personal property. In a bankruptcy you have to tell the creditors what exemptions you want to use and in most case you can keep the personal property in your possession. The exemptions also allow you to keep your pension plans; workman's comp. settlements and other assets you may have or secure.

You will need to have an experienced bankruptcy attorney to help you manage the use of these exemptions to keep what is rightfully yours from creditors. It should also be noted that the exemptions can also be used in state court lawsuits and can help you keep assets even if there is a judgment against you in state court.

Contact Us
Contact bankruptcy attorney C. David Ward or Brian J. Russell for a consultation today.

Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We at Illini Legal Services (formerly known as the Law Offices of C. David Ward) represent clients throughout Northern Illinois, including clients in Kane County, DuPage County, Kendall County, Will County, Cook County, the Chicagoland area, West Chicago, Aurora, Oswego, Naperville, Plano, Elgin, Joliet, Bolingbrook, Romeoville, St. Charles, Batavia, Geneva, Chicago, Hoffman Estates, Schaumburg, Carol Stream, Downers Grove and Wheaton.

Spanish translation services available.

Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency.We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

  • Aurora Office
    1700 North Farnsworth Avenue
    Suite 11C
    Aurora, IL 60505
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  • Oswego Office
    2756 Route 34
    Oswego, IL 60543
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  • West Chicago Office
    118 Main St.
    West Chicago, IL 60185
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  • Phone: 630-618-2906
    Phone: 888-594-0371
    Fax: 630-551-7131