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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
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: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.


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.


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


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


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


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.

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




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.