No, a Health Savings Account (HSA) is not exempt from bankruptcy in Illinois.
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Illinois bankruptcy exemptions
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.
Bankruptcy -B is for Bank Account
Bankruptcy -B is for Bank Account
Can I keep my bank account when I file 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...
Bankruptcy – A is for Assets
A is for Assets
SCHEDULES
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...
Homestead exemption allowed on a 19 year old bankruptcy case.
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...
Is my wedding ring or engagement ring exempt in a bankruptcy case?
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...
V is for …. Valuation of assets in bankruptcy
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...
Bankruptcy Exemptions for retirement accounts in IL, reaffirming car lease and home
| Subject: | assets in bk |
| Question: | are both 401K's and IRA's exempt from... |