The great state of Illinois is the 5th most populated State in the United States with an estimated population of almost 13 million people. Illinois lies in the 7th circuit of US Bankruptcy courts. In 2007 Illinois had a total of 41,456 cases of filing for bankruptcy. In 2008 there were 56,116 filing bankruptcy cases, an increase of 35.4%
Illinois is home to Chicago, one of the largest cities in the United States. Chicago and the rest of Illinois have had its share of this depressed economy. If you are thinking to file for bankruptcy in Illinois you will be informed by a bankruptcy attorney that the fundamental bankruptcy Illinois law is essentially the same as bankruptcy law in the rest of the United States. This is because bankruptcy law falls under federal statue.
The difference however if you get a bankruptcy lawyer to file for bankruptcy in Illinois as compared to the rest of the country is the bankruptcy Illinois exemptions.
Bankruptcy attorneys that are filing bankruptcy for their clients in Illinois are allowed a homestead exemption for their client of up to $15,000. A motor car exemption of up to a value of $2,400 is allowed for an Illinois file for bankruptcy.
A bankruptcy exemption of up to $4,000 is allowed for Personal property. Additionally necessary clothing, health aids and school books are considered exempt.
When filing for bankruptcy in Illinois, you are also allowed to retain any tools of the trade with a value of up to $1500. A lot of importance has to be given to whether you are filing for bankruptcy under a chapter 7 bankruptcy or a chapter 13 bankruptcy.
To truly understand which chapter of the bankruptcy law is better for you to file under, whether it is a chapter 7 bankruptcy or a chapter 13 bankruptcy, you should seek the guidance of an Illinois bankruptcy attorney.
Only bankruptcy attorneys are truly well versed in how to file for bankruptcy in Illinois to fully take advantage of the allowable exemptions. You can complete free bankruptcy evaluations online and be connected to a bankruptcy lawyer near you that can answer all your bankruptcy questions regarding bankruptcy in Illinois.
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