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In the typical bankruptcy situation a
debtor will not have to surrender any of their possessions to a bankruptcy
trustee. The
State of Illinois has opted out of using the Federal exemptions passed by
Congress. They have enacted many specific exemptions to cover the assets of
debtors located in this State.
A debtor may claim a
"Homestead" exemption of $15,000.00 for a single debtor or $30,000.00
for a married couple regarding real estate. One can also claim $2,400.00 for any one motor vehicle or
$4,800.00 if married. Also
one can claim a $4,000.00 wild card exemption or $8,000.00 if married in order
to exempt the balance of their personal property.
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