The U.S. Bankruptcy Code allows you can keep certain property under federal or state exemptions. In Illinois, exempt assets include:

• Professional items and tools of trade up to $1,500
• Up to $2,400 equity in vehicles
• Most retirement and pension plans
• Household furnishings
• Personal injury recoveries up to $15,000
• Proceeds from the sale of exempt property
• Real property up to 15,000 (homestead exemption)

Examples of non-exempt assets are:

• Professional items and tools of trade up to $1,500
• Up to $2,400 equity in vehicles
• Most retirement and pension plans
• Household furnishings
• Personal injury recoveries up to $15,000
• Proceeds from the sale of exempt property
• Real property up to 15,000 (homestead exemption)

We are Chicago bankruptcy lawyers who specialize in consumer Chapter 7 bankruptcy. We are Chicago bankruptcy attorneys who help individuals and families get a fresh start. As Chicago Chapter 7 lawyers, we charge a flat fee for our Chapter 7 bankruptcy cases. Make 3 easy payments of $400 to file your Chapter 7 bankruptcy. Thomas Law Group, P.C. has Chicago bankruptcy lawyers who can assist you with your questions regarding Chapter 7 bankruptcy. Call 866-848-9183 or contact us online to schedule a free bankruptcy consultation.