LEEDERS LAW
In the state of Illinois, bankruptcy exemptions are used to protect certain assets from being seized by the bankruptcy court and used to repay creditors. The purpose of these exemptions is to ensure that filers are able to maintain a basic standard of living and keep essential property after filing for bankruptcy.
Yes, you can keep your bank account when you file bankruptcy. Many people assume that they cannot keep basic things when filing for a...
A debtor fills out the bankruptcy paperwork and forms when filing a bankruptcy case. These forms are the Bankruptcy Schedules. Bankruptcy schedules list all of the assets a debtor owns. These...
A recent 2nd Circuit Court opinion on a New York Bankruptcy case allowed a debtor to claim a bankruptcy exemption on a home 19 years after the case was filed.
In re Muscato, 98-14386 (Bankr. W.D.N.Y. March 22, 2018)
The court looked to a...
A wedding ring and engagement ring are exempt in a bankruptcy case, at least in the Northern District of Illinois. In a recent case, Bankruptcy Judge Jack B. Schmetterer of Chicago ruled that a wedding ring and an engagement ring are covered...
With chapter 7 bankruptcy, putting a value on your assets is of utmost importance.Each state gives debtors limited exemptions to protect assets, so the proper value of your belongings is crucial. Now, in general, the trustee in your chapter 7...
| Subject: | assets in bk |
| Question: | are both 401K's and IRA's exempt from chpt 7... |