Homestead exemption caselaw

7th Circuit Case
In re: Belcher, No. 07-2174 (12/31/08). Appeal, S.D. Ill. Rev’d.

Dist. Ct. erred in finding that bankrupt debtor was eligible for homestead exemption under 735 ILCS 5/12-901 even though said debtor was not named on title of marital home shared by spouse, who was titleholder to said home and who had also filed for bankruptcy. Under Ill. caselaw, debtor must have formalized property interest to claim homestead exemption. In Illinois, the homestead exemption in bankruptcy is $15,000 per owner of the home, so $30,000 for a joint filing case if both spouses own the home.

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Terrance Leeders

Chicago Bankruptcy Attorney, husband, father, Cubs fan.

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