In the state of IL, will my 401(k) be affected by a chapter 7 bankruptcy?

The 401(k) is exempt as a retirement account. Please note that filing bankruptcy without an attorney is extremely difficult. Many attorneys...

Filing BK and owning two paid cars

It will be important to be careful in how these matters are addressed in your Petition, Schedules and Statement of Financial Affairs. It is likely...

Can one spouse file for bankruptcy without affecting the other spouse.

You may file individually, but we would want to look very carefully to make sure it is not advisable to file jointly. You can file jointly with...

Can one spouse file for bankruptcy

You may file individually, but we would want to look very carefully to make sure it is not advisable to file jointly. You can file jointly with...

If our household gross income is appox. $165K, but we are negative $102K in assets (debt), are we eligible for a Ch 13?

The factors that need to be reviewed are more involved than are covered in your question, but it does sound like Chapter 13 should be explored. ...

Illinois Chapter 7 bankruptcy, do the exemptions homestead, car and wildcard double for married couples? If so, to what amount?

The federal exemptions do not apply in an Illinois bankruptcy case. The Illinois exemptions can be found in the code of civil procedure. They...

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I have recieved a summons in adversary proceeding

I expect you will find this hard to do without an attorney. While you do not indicate what the basis is for the fraud allegation or what the bank...

In Illinois, who can we legally appraise the real estate? Real estate agent or certified appraisers?

You should probably post this as an estate planning/probate question because it is more a matter of trust interpretation. My opinion without...

I just purchased a house 10/1 with an FHA loan. Now I need to sell it. What kind of penalties am I looking at?

There are several questions that you need to look at. A good real estate agent will help you with an estimate, but you should retain an attorney...

Bankruptcy

In bankruptcy, "exemptions" are claimed on your property. Assuming you have lived continuously in Illinois for several years, you have a $4000.00...