Rock Island Bankruptcy Exemption Attorneys
Many people believe that if they file for bankruptcy, they will lose all of their worldly possessions. However, this is simply not true. There are a number of exemptions that can be made in both Illinois and Iowa that will enable you to hold on to your assets while helping you get the fresh financial start you need.
At the law firm of Buckrop & VanDeVelde, our Rock Island bankruptcy exemption lawyers can help determine the debt relief plan that is right for you and can inform you of the exemptions that may be available in your situation.
General Property Exemptions in Iowa
The exemptions listed below are general in nature. There may be limitations on the exemptions and when they apply. Consult an attorney in order to determine which exemptions apply to you.
- Homestead — Unlimited homestead in Iowa with regard to post-acquisition debt (limited to half an acre in a city and 40 acres outside a city). Post-acquisition debt is debt incurred after you have acquired your homestead.
- Wedding ring or engagement ring up to $7,000 in value minus the amount claimed for all other jewelry.
- All other jewelry not to exceed $2,000 in value.
- One shotgun AND either one rifle OR one musket.
- Private libraries, family bibles, portraits, pictures, and paintings not to exceed $1,000 in value.
- An internment space or an interest in a public or private burying ground, not exceeding one acre.
- Wearing apparel, musical instruments, household furnishings, household goods, including but not limited to: appliances, radios, television sets, record or tape playing machines, compact disc players, satellite dishes, cable television equipment, computers, software, printers, digital video disc players, video players, and cameras held primarily for the personal family or household use, not to exceed $7,000.
- The cash value of a life insurance policy if the beneficiary is a spouse, child, or dependent.
- Professionally prescribed health aids for the debtor or a dependent of the debtor.
- Rights in: a Social Security benefit; unemployment compensation and any other public assistance benefit; a veterans benefit; a disability or illness benefit; alimony, support, or separate maintenance to the extent reasonably necessary for support of the debtor and dependents of the debtor; a payment or a portion of a payment under a pension, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service.
- Individual retirement accounts.
- Value of a motor vehicle not to exceed $7,000.
- $1,000 of accrued wages and income tax refunds.
- Tools of the trade up to $10,000.
- Farm implements, etc. up to $10,000.
- Deposits with landlords and utility providers OR rent paid in advance up to $500.
- $1,000 in any cash on hand, bank deposits, other deposits and any other personal property owned by the debtor.
- The debtor’s interest in structured settlements, resulting from personal injury to the debtor or the debtor’s dependents or the wrongful death of a decedent upon which the debtor or the debtor’s dependents were dependents to the extent reasonably necessary for support of the debtor or the debtor’s dependents.
General Property Exemptions in Illinois
Bankruptcy exemptions differ slightly in Illinois. As stated above, there may be certain exemptions that do or do not apply, depending on your unique situation.
- Homestead up to $15,000 per debtor.
- Necessary wearing apparel, bible, school books, and family pictures of the debtor and the debtor’s dependents.
- $4,000 in any other property.
- Equity in a vehicle not to exceed $2,400.
- Tools of the trade up to $1,500.
- Professionally prescribed health aids.
- All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, parent, or another person dependent on the insured.
- Debtor’s right to receive a Social Security benefit; unemployment compensation or public assistance benefit; a veterans benefit, a disability benefit, illness or unemployment benefit, and alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependents of the debtor.
- Right to receive property traceable to: 1) an award under a crime victim’s reparation law; 2) payment on account of the wrongful death of an individual of whom the debtor was a dependent to the extent reasonably necessary for support and maintenance; 3) payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor or a dependent of the debtor; 4) a payment not to exceed $15,000 in value on account of personal bodily injury of the debtor or an individual of whom the debtor was a dependent; 5) any restitution payments made pursuant to the Civil Liberties Act of 1988 and the Aleutian and Pribilof Islands Restitution Act.
- Money held in account invested with the Illinois College Savings Pool with some limitations.
- Individual retirement plans.
Contact Our Iowa Pre-Bankruptcy Planning Law Firm
At Buckrop & VanDeVelde, our attorneys have more than 40 years of combined experience! Our office is located in The Law Centre in downtown Rock Island, Illinois, just a short distance from both Iowa and Illinois federal courthouses. Our lawyers and professional staff proudly serve most clients throughout Western Illinois and Eastern Iowa. Contact us to arrange a free consultation with an experienced Rock Island bankruptcy attorney today.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.