A Schaumburg Bankruptcy Attorney Will Protect Your Exempt Assets

Chapter 7 bankruptcy is often referred to as a “liquidation.” Not assets, but equity, is liquidated to pay off as many debts as possible, and the filer, in return, is given a fresh start. For many people, the word “liquidation” makes them hesitate to move forward with a much-needed bankruptcy. The idea that people lose all of their property in bankruptcy is one of many popular bankruptcy myths. It is important to understand what “liquidation” really means in your specific situation.

If you are thinking about bankruptcy, you need to understand your rights — and that includes knowing about exempt property. By utilizing the exemptions available to you under state and federal bankruptcy laws, many (if not all) of your assets will be protected from bankruptcy liquidation. Remember, Congress designed bankruptcy to provide a “fresh start,” not a “zero-start.” The bankruptcy process is honorable. It lets you keep your dignity.

Find Out If Your Property Is Exempt

At U.S. Law Attorneys, Ltd. in the Chicago and Washington D.C. suburbs, your Schaumburg bankruptcy lawyer can answer your questions about exempt property and explain your rights and obligations under the current bankruptcy laws. Our knowledgeable lawyers will explain exemption of assets and equity in your case.

For example:

• Exemptions are defined under U.S. law as well as by laws in each state. In Illinois, for instance, each spouse is entitled to keep $15,000 in home equity. (In today’s economy, that means you keep your home.)
• Most families can exempt the equity in their cars, savings, furniture and personal effects.
• In most states, retirement accounts (pensions, IRAs, etc.) are exempt from liquidations. That means your retirement account cannot be used to pay off debts.

Know Your Rights — Ask a Lawyer About Exempt Property

In a Chapter 7 bankruptcy, without exemptions, you will be stripped of all equity in your home, car and other assets. The law allows you to keep some property. (And dignity.) An experienced Schaumburg bankruptcy attorney knows the law and will assure that you have all the information you need to make the right decisions for you and your family.

Contact our law firm for a free consultation. Learn the facts; start today and get your life back.