Almost everyone who files a chapter 7 bankruptcy in Bloomington Illinois owns some assets. However, because of certain exemptions, that are provided for by federal and state law, there is a good chance that the entirety of what you own is off limits to creditors, period. Determining what you own, and which exemptions apply to what items of property is one of the most important issues in your bankruptcy.



In Bloomington Illinois, the property that you can exempt, or protect, is defined by Illinois law and not the U.S. Bankruptcy Code. As a result, in a McLean County bankruptcy, you are able to exempt the following: (i) all clothing; (ii) retirement accounts in full; (iii) $15,000 of equity in your home ($30,000 for joint filing spouses); (iv) $2,400 for one vehicle per debtor; and (v) $4,000 for all other personal property, which can be used on a second vehicle. There are other Illinois exemptions that may apply to your case and our experienced attorneys can help guide you through the process of protecting your assets.



Feel free to contact us at (309) 319-6206 to schedule a free consultation, or Email us with your question.