• OUR 4 CHICAGOLAND BANKRUPTCY

    LAW OFFICES

FREE CONSULTATION CALL TODAY:
312-853-0200
Bill Busters
  • Home
  • About
    • OUR HISTORY
    • WHY CHOOSE OUR LAW FIRM
  • Office Locations
    • DOWNTOWN CHICAGO BANKRUPTCY
    • CHICAGO BANKRUPTCY (SOUTH SIDE)
    • CHICAGO BANKRUPTCY (NORTHWEST)
    • CHICAGO BANKRUPTCY (WEST OF CHICAGO)
    • SCHAUMBURG BANKRUPTCY
  • Bankruptcy Services
    • CHAPTER 7 BANKRUPTCY
    • CHAPTER 11 BANKRUPTCY
    • CHAPTER 13 BANKRUPTCY
    • CHICAGO PARKING TICKETS
    • FORECLOSURE LAWYERS
    • STOP CHECK GARNISHMENT
  • Bankruptcy Help
    • BANKRUPTCY FORMS
    • BANKRUPTCY FAQ’S
  • Testimonials
  • Contact Us
  • Menu Menu

Is there property that is exempt from liquidation in Chapter 7?

Bankruptcy, Chapter 7, Chicago

Chapter 7 is known as the liquidation bankruptcy and this can cause concern for many people living in Illinois. However, the Illinois General Assembly has established certain laws that grant exemption status to some types of personal property.

One property that is considered exempt is medical equipment. For example, if a doctor has prescribed that you, as the patient, should have a medical bed, then that bed may be considered exempt from the liquidation. Other items that may qualify under this definition may be contact lenses, fall detection systems, surgical implants, wheelchairs, ventilators, and dialysis machines.

Other sources of income may also be considered exempt in a bankruptcy court such as the following:

  •          Veterans benefits
  •          Spousal maintenance
  •          Child support
  •          Social Security benefits
  •          Life insurance payouts

Additionally, if you lost a loved one, upon whom you relied for support, and received a wrongful death payout, you may be able to keep that money. If that same person was injured, or you suffered an injury caused by the negligence of another person, the law allows you to keep up to $15,000 of the payout value. If the injury was caused by a criminal act, then you may be able to retain the entire amount, despite your bankruptcy status.

Property that has a genealogical value may also be exempt from seizure in a Chapter 7 bankruptcy. This can include family photographs or the family bible. Clothing, cars (if your equity interest is not over $2,400), professional books or trade tools may also be named as exempt property. It is important to understand that the determination of what qualifies as exempt personal property may be in the hands of the bankruptcy court and therefore, this information should not be construed as legal advice.

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-26 05:22:292018-10-07 18:27:28Is there property that is exempt from liquidation in Chapter 7?

Office Locations

One Century Centre

Billbusters, Borges and Wu, LLC.
1750 E. Golf Road
Suite 384
Schaumburg, IL 60173

 


Downtown Chicago

Billbusters, Borges and Wu, LLC.
105 W. Madison, 23rd Floor
Chicago, IL 60602

 


Southside

Billbusters, Borges and Wu, LLC.
10708 S. Western Avenue
Chicago, IL 60643

 


South Holland

Billbusters, Borges and Wu, LLC.
900 E. 162nd Street, Suite 202
South Holland, IL 60473

 


 

Berwyn

Billbusters, Borges and Wu, LLC.
7222 W. Cermak, #715
North Riverside, IL 60546

 


 

 

Link to: Contact Us

Still Have Questions? Feel Free To E-mail Us

In certain cases, we are even able to offer a same-day bankruptcy filing with no money down – saving you time and money. Need help filing bankruptcy we can help you start.

Great feedback is always needed in order to improve and grow our bankruptcy law firm Please fill free to leave a review, let us know who your attorney was, did we provide great customer service, were we professional, did we get your the information you were looking for? We want to know.

Leave A Review

Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

DISCLAIMER

The information contained in this website is for general information purposes only. The information is provided by Billbusters, Borges and Wu LLC and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

*For legal fee only. Other conditions apply. Please ask your attorney for details.

Hyperlocal Marketing, Inc. Digital Marketing for Lawyers

© 2019 BillBusters, Borges and Wu, LLC.

Scroll to top