Bankruptcy Exemptions

If I File for Bankruptcy, What Can I Keep?

One of the widely held misconceptions of bankruptcy is the idea that if you file for bankruptcy, you will lose everything that you have to your name. Many people assume a bankruptcy will mean surrendering every asset to creditors and being forced to start from scratch while living out of a cardboard box. The truth is when filing for bankruptcy, whether Chapter 7 or Chapter 11, there are many assets that will be exempt from liquidation.

While this varies greatly from state to state, and sometimes even from county to county, the following are generally exempt during the bankruptcy process:

• Your residence (whether mobile home, boat, apartment, etc.) up to a certain value
• Personal property such as food, clothing, heirlooms, jewelry and vehicle up to a certain value
• Public benefits such as student financial aids, workers' compensation, etc.
• Industry tools to help you in your current line of occupation
• Insurance such as disability benefits, health benefits, etc

These vary from case to case and do not include everything that can possibly be exempted from your personal case of bankruptcy. In order to get the best idea of where your assets stand, you should not hesitate to contact an experienced bankruptcy lawyer as quickly as possible.

Knowledgeable Legal Aid for Bankruptcy

Illinois Bankruptcy Lawyer Daniel S. Khwaja can guide you through the ins and outs of bankruptcy and help move you forward through your bankruptcy proceedings with compassion and decisive action. If you choose to work with Attorney Daniel S. Khwaja for your bankruptcy filing, he will evaluate your personal case and go over every detail with meticulous care. Each and every client can be confident that Illinois Bankruptcy Attorney Daniel S. Khwaja will stop at nothing to delivery the high-quality legal support you deserve.

If you are considering filing for bankruptcy, do not wait a moment longer to contact us. We will assist in reviewing your options, and sorting out the details so you can decide the best course of action to take. Illinois Bankruptcy Attorney Daniel S. Khwaja is dedicated to assisting clients in preparing for filing and getting to a resolution. He will be able to help you move forward and regain the control of your life and finances that you deserve.