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
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...
A is for Assets
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...