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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am looking to file a bankruptcy in chicago illinois , as

Customer Question

I am looking to file a bankruptcy in chicago illinois , as cant pay my basic necessities for the past seven months
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

If you want to file a chapter 7 bankruptcy you will have to meet the following criteria:

WALLSTREETESQ :

1. your median household income has to be lower or the same as the average income in the State.

WALLSTREETESQ :

2. You will have to have more monthly expenses than income

WALLSTREETESQ :

If the above two factors are satisfied you could file a chapter 7 bankruptcy and discharge all of your unsecured debts, except student loans, taxes and any child support or domestic relations orders.

WALLSTREETESQ :
Illinois Bankruptcy Exemptions

Assets Exemption State Statute
Homestead Real or personal property that is the residence of the debtor, including a lot, farm, building, condo, co-op, or mobile home: up to $15,000.< 735-5/12-901

Proceeds from sale of homestead: all for 1 year after sale. 735-5/12-906

Property held by married couple as tenancy in the entirety: up to $15,000 (with limitations). 750-65/22; 765-1005/1c

Spouse or children of a deceased owner of a homestead may claim the exemption. 735-5/12-902
Insurance Life insurance annuity/proceeds/cash value: all if beneficiary is the child, spouse, parent, or other dependant of the insured. 215-5/238; 735-5/12-1001(f)

Fraternal benefit society benefits: all. 215-5/299.1a

Proceeds if home is destroyed: up to $15,000. 735-5/12-907

Life insurance proceeds to debtor's dependents: all necessary for support. 735-5/12-1001(f), (g)(3)

Disability or health benefits: all. 735-5/12-1001(g)(3)
Miscellaneous Child support and alimony payments: all. 735-5/12-1001(g)(4)

Property owned by business partnership: all. 805-205/25
Pensions Federal pension exemptions.

Pension for general assembly members: all. 40-5/2-154

Police officer pensions: all. 40-5/3-144.1; 40-5/5-218

Firefighter pensions: all. 40-5/4-135; 40-5/6-213

Municipal employee pensions: all. 40-5/7-217(a); 40-5/8-244

County employee pensions: all. 40-5/9-228

Civil service employee pensions: all. 40-5/11-223

Park employee pensions: all. 40-5/12-190

Sanitation district employee pensions: all. 40-5/13-805

State employee pensions: all. 40-5/14-147

State university employee pensions: all. 40-5/15-185

Teacher pensions: all. 40-5/16-190; 40-5/17-151

Judge pensions: all. 40-5/18-161

House of correction employee pensions: all. 40-519-117

Public library employee pensions: all. 40-5/19-218

Disabled firefighter pensions and benefits for widows and children: all. 40-5/22-230

ERISA-qualified benefits and IRAs: all. 735-5/12-1006

Public employee pensions: all. 735-5/12-1006
Personal Property Deposits in pre-paid tuition trust fund: all. 110-979/45(g)

Pre-need cemetery sales, care, and trust funds: all. 235-5/6-1; 760-100/4; 815-390/16

Proceeds from sale of exempt property: all. 735-5/12-1001

Clothing, family pictures, Bible, schoolbooks: all. 735-5/12-1001(a)

Motor vehicle: up to $2,400. 735-5/12-1001(c)

Health aids: all. 735-5/12-1001(e)

Recoveries for wrongful death: all. 735-5/12-1001(h)(2)

Recoveries for personal injury: up to $15,000. 735-5/12-1001(h)(4)
Public Benefits Disability, age, or blind aid benefits: all. 305-5/11-3

Public assistance benefits: all 305-5/11-3

Social Security benefits: all. 735-5/12-1001(g)(1)

Unemployment compensation benefits: all. 735-5/12-1001(g)(1), (3)

Veterans' benefits: all. 735-5/12-1001(g)(2)

Crime victim compensation benefits: all. 735-5/12-1001(h)(1)

Restitution benefits for the relocation of Aleuts and Japanese Americans during WWII: all. 735-5/12-1001(12)(h)(5)

Workers' compensation benefits: all. 820-305/21

Worker's occupational disease compensation benefits: all. 820-310/21
Tools of Your Trade Tools, implements, and books used in trade: up to $1,500 total. 735-5/12-1001(d)
Wages Wages, earned but not yet paid: at least 85% of weekly wages or 45 times the state or federal minimum hourly wage, whichever is higher. The bankruptcy judge may allow a higher exemption for low-income debtors. 740-170/4
Wildcard Any personal property except wages: up to $4,000 to
WALLSTREETESQ :

THE ABOVE LIST IS WHAT ITEMS YOU ARE ALLOWED TO KEEP IF YOU FILE A BANKRUPTCY

WALLSTREETESQ :

http://bankruptcy-law.freeadvice.com/bankruptcy-law/illinois-bankruptcy-exemption.htm

WALLSTREETESQ :

The above exempt assets are important to know, so that if you do file a chapter 7, you will know what assets have to be turned over to the Court., Any property that is valued over the above exempt amounts have to be turned over.