Bankruptcy in Illinois
Chicago Bankruptcy Lawyers At Loop Bankruptcy Can Help
When you file for bankruptcy, you will file a petition with the federal bankruptcy court in the district where you have lived for the past 180 days (or where you have lived for the majority of the past 180 days if you have lived in more than one place). You may also file for bankruptcy in the district court where you own assets, such as real estate, or where you have operated a business within the previous 180 days. Although bankruptcy is filed in federal court, a bankruptcy filed in Illinois is different from bankruptcies filed in other states in some ways.
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The experienced Chicago bankruptcy lawyers at Loop Bankruptcy, a service of Lakelaw, can help you with the entire bankruptcy process from start to finish.
A bankruptcy in Illinois can differ from other states. Understand your rights.
In Illinois, the property that you can exempt, or protect, is defined by Illinois law and not the U.S. Bankruptcy Code. As a result, in Illinois you are able to exempt the following: (i) all clothing; (ii) retirement accounts in full; (iii) $15,000 of equity in your home ($30,000 for joint filing spouses); (iv) $2,400 for one vehicle per debtor; and (v) $4,000 for all other personal property, which can be used on a second vehicle. There are other exemptions in Illinois that may apply to your case and our experienced attorneys can help guide you through the process of protecting your assets.
Unfortunately, financial troubles and divorce frequently go hand in hand. Understanding how Illinois Divorce laws and bankruptcy filings impact each other requires a team of attorneys who are familiar with intricacies of each area. Our law firm is led by David P. Leibowitz, who is knowledgeable of both bankruptcy and divorce laws and how the two areas of law affect each other. In fact, he is frequently relied on by divorce attorneys for his bankruptcy expertise.
Contact us now for a Free Consultation to learn how one of our skilled Illinois bankruptcy attorneys can help you with your Illinois bankruptcy filing. (866)525-3529
In Illinois, the property that you can exempt, or protect, is defined by Illinois law and not the U.S. Bankruptcy Code. As a result, in Illinois you are able to exempt the following: (i) all clothing; (ii) retirement accounts in full; (iii) $15,000 of equity in your home ($30,000 for joint filing spouses); (iv) $2,400 for one vehicle per debtor; and (v) $4,000 for all other personal property, which can be used on a second vehicle. There are other exemptions in Illinois that may apply to your case and our experienced attorneys can help guide you through the process of protecting your assets.
Unfortunately, financial troubles and divorce frequently go hand in hand. Since divorce is governed by Illinois law, it is essential to rely on an attorney that not only understands the legalities of filing bankruptcy, but is also familiar with Illinois’ divorce laws. Our law firm is led by David P. Leibowitz, who is knowledgeable of both bankruptcy and divorce laws and how the two areas of law affect each other. In fact, he is frequently relied on by divorce attorneys for his bankruptcy expertise.
Contact us now for a Free Consultation to learn how one of our skilled Illinois bankruptcy attorneys can help you with your Illinois bankruptcy filing. (866)525-3529
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