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The Illinois Homestead Exemption

By Illinois statute, debtors are entitled to “an estate of homestead” of up to $15,000 in property used as his or her residence.  The homestead and all right in and title to that homestead is exempt from sale for the payment of his or her debts. 735 ILCS 5/12‑901.

Additionally, when married couples file jointly, each spouse is entitled to the full exemption for a total of $30,000.  This is known as doubling.

So, assume for example, a couple filing Chapter 7 owns a $150,000 home with $125,000 remaining on the balance of their mortgage.  Their equity in the home is $25,000. Read the rest of this entry

Abraham Lincoln’s Bankruptcy

Bankruptcy in the United States serves to “relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start a fresh free from the obligations and responsibilities consequent upon business misfortunes” and to provide Americans “a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt.”  Local Loan Co. v. Hunt, 54 S.Ct. 695 (1934). Read the rest of this entry

Can You Count On Your Chicago Bankruptcy Attorney?

One of my colleagues, Phoenix Bankruptcy Attorney Alethia Scipione just posted a disturbing story on her bankruptcy blog.  She was contacted by a prospective client whose previous bankruptcy attorney had basically left her hanging out to dry. Read the rest of this entry

The Cost of Chapter 7 Bankruptcy in Chicago

One of the first questions about Chapter 7 bankruptcy Chicago consumers ask is “how much will filing for Chapter 7 cost?”  This, of course, is a natural question considering that, normally, a  person considering filing for bankruptcy in Chicago has already run up against the limits of his or her financial resources. Read the rest of this entry

Chicago Bankruptcy – What Is Bankruptcy?

It can be extremely difficult for people that have been struggling with debt and overdue bills to come to the realization that they may be in a financial situation that won’t simply fix itself.  Although such a situation can seem almost hopeless, there is a solution that the law provides to help people get out from under the burden of overwhelming debt.  In my Chicago bankruptcy practice, I help people to determine whether the decision to file for bankruptcy is right for their individual situations. Read the rest of this entry