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The New Bankruptcy Code for Desplaines The United States bankruptcy code was recently changed to make it more difficult for debtors in Niles Illinois and across the country to discharge their debts. The increasing number of cases where people...
Defaults of the Noteworthy
Henry John Heinz
1844-1919, Condiment manufacturer, started his company in 1869 selling horseradish, pickles, sauerkraut and vinegar. In 1875 the company filed for bankruptcy due to an unexpected bumper harvest which the company could not keep up with and could not meet its payroll obligations. He immediately started a new company and introduced a new condiment, tomato ketchup to the market. This company was, and continues to be, very prosperous.
"Illinois Bankruptcy Exemptions" refers to assets that you get to keep when you file bankruptcy as defined by Illinois statutory law. As a practical matter, most people keep all their assets when they file bankruptcy given a reasonable amount of legal bankruptcy planning. Some of the main assets and their exemptions are as follows:
Type
Covered Assets
Single
Joint
Wild Card
All assets owned at filing
'$'4,000
'$'8,000
Homestead
Real Estate
'$'15,000
'$'15,000
Car
Cars owned by debtor(s)
'$'2,400
'$'4,800
Personal items
Everyday casual clothes, bible, family pictures
No Limit
No Limit
Verdicts
Personal Injury Awards
'$'15,000
'$'30,000
Professional items
Books, tools of trade
'$'1,500
'$'3,000
Retirement Plans
Examples are qualified pension plans and employer sponsored plans such as 401(k)
No Limit
No Limit
Note: As with any other asset, if you have little or no equity in an item below due to a loan on the item, you can normally keep it anyway, since the trustee would have to pay off the loan if he wanted to take it from you. If you own any of these items you should discuss it with your attorney prior to filing bankruptcy to find out what options you have.
How To Get Out Of Debt The percentage of the population that is in debt is growing at an exceptional pace. For many individuals it's easy to get caught up in the credit card hysteria. It happens to us all. We see things w.....
