Press release
Illinois' Homestead Exemption Doubles
Illinois Residents can now protect $15,000.00 worth of equity in their residences free from creditor attachments, levies and sales. On January 1, 2006, the Illinois Code of Civil Procedure was amended to provide a homestead exemption of $15,000.00 for an individual homeowner. Section 735 ILCS 5/Art. XII Pt. 9 (Exemption of Homestead) effectively doubles the exemption that could be applied to protect a homestead.This long overdue increase will be welcomed by those who file either Chapter 7 or Chapter 13 bankruptcy. When filing bankruptcy, a person can protect a certain ownership value (equity) in their personal property and/or homestead and still be permitted to obtain bankruptcy relief. Bankruptcy trustees investigate the actual value of a debtor's homestead to determine if the ownership value (equity) falls within the exemption limit. If not, the trustee may petition the court to permit the sale of the property for the benefit of debtor's creditors. David Siegel, Chicago bankruptcy lawyer and American Bankruptcy Institute member, states that "trustees have become increasingly proactive in determining the value of debtors' real estate." "With the exemption doubling from $7,500.00 to $15,000.00, many more homeowners will fall within the exemption limit and will be able to protect their homes while in a bankruptcy." A free Special Report entitled "How to Easily Stop Foreclosure..." is available in both written and audio formats at http://bankruptcylawyerschicago.com. That report discusses Chapter 13 reorganization as an option to save a home with equity.
The change in exemption amount should ease one's fear of losing his home when declaring bankruptcy. When a bankruptcy trustee factors in the cost of sale (real estate broker's commission, title expense, transfer expense), he will need to find significant value beyond the exemption amount to make liquidating the property a viable option.
For Further Information:
David Siegel
davidmsiegel@hotmail.com
www.bankruptcylawyerschicago.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Illinois' Homestead Exemption Doubles here
News-ID: 2495 • Views: …
More Releases from David M. Siegel & Associates
Bankruptcy Filings Predicted to Rebound
The new bankruptcy law that generally went into effect on October 17, 2005 caused a feverish rush to file.
The period immediately after October 17th was drastically slow for consumer bankruptcy professionals throughout the United States. Bradford W. Botes, Executive Director for NACBA (National Association of Consumer Bankruptcy Attorneys) states that he is "confident that the rate of filings will pick back up during the first quarter of…
5 Common Misconceptions About Filing Bankruptcy
1. If you file for bankruptcy, you will lose all of your property.
This may be the biggest misconception surrounding filing for bankruptcy. Every person who filed can protect a certain amount of property while still eliminating all or a portion of their debt.
2. If you file for bankruptcy, everyone will know about it.
Unless the person is a celebrity, the fact of filing will not become generally known.…
Your Repossessed Vehicle Can Still Be Recovered
Suffering through a repossession does not necessarily mean that the vehicle is lost. In fact, a repossessed vehicle is recoverable by its owner as long as the vehicle has not been auctioned off or sold by the finance company. There are however a few requirements that must be met in order to convince the auto finance company to cooperate with the return of the vehicle.
1. The vehicle…
How To Easily Stop Foreclosure, Save Your Home And Repay Your Debt Over Time
Losing one's home to a foreclosure sale can be devastating and demoralizing. It doesn't take much to fall behind on mortgage payments. Job loss, injury, divorce, wage garnishments, personal loans, student loans, credit card payments and many other factors can lead to the inability to make timely payments. Mortgage companies often will not accept any amount other than the amount needed to become completely current. In…
More Releases for Chapter
New Chapter-by-Chapter Column to Spotlight Local Authors Across the Sandhills
SANFORD, N.C. - September 2025 - Sandhills.News is launching Chapter-by-Chapter, a new column dedicated to celebrating writers from Moore, Lee, and Harnett counties. The series will highlight books, authors, and storytelling that reflect the culture and creativity of the Sandhills region.
"This column is a way for neighbors to discover the writers in their own backyards," said Stephanie Sellers, editor of Sandhills.News. "It's about strengthening connections through literature and offering…
Austin Bankruptcy Lawyers Guide Clients Through Chapter 7 & Chapter 13 Filings
Austin Bankruptcy Lawyers helps individuals and families in Texas overcome debt through Chapter 7 and Chapter 13 filings. The firm's bankruptcy attorney in Texas offers personalized legal support, clear guidance, and long-term financial solutions.
Austin, TX - For many individuals and families in Austin, TX, who face overwhelming debt, bankruptcy provides a pathway to a fresh start. Austin Bankruptcy Lawyers provides comprehensive legal services for Chapter 7 and Chapter 13 filings.…
New Jersey Bankruptcy Attorney Daniel Straffi Clarifies Key Differences Between …
New Jersey bankruptcy attorney Daniel Straffi (https://www.straffilaw.com/what-is-the-difference-between-new-jersey-bankruptcy-chapter-7-and-chapter-13/), of Straffi & Straffi Attorneys at Law, sheds light on the critical distinctions between Chapter 7 and Chapter 13 bankruptcy for individuals and small businesses facing financial challenges. When unexpected circumstances such as job loss, illness, or divorce lead to overwhelming debt, understanding these two legal pathways can provide much-needed relief. Daniel Straffi explains how each option offers tailored solutions to help debtors…
Chapter 13 Lawyer Daniel Straffi Unveils Comprehensive Guide on Understanding Ch …
Chapter 13 lawyer [https://www.straffilaw.com/new-jersey-chapter-13-lawyer/] Daniel Straffi of Straffi & Straffi Attorneys at Law has recently published a detailed article enlightening individuals on the intricacies of Chapter 13 bankruptcy in New Jersey. This guide serves as an essential resource, offering clarity and direction for those grappling with significant debt and seeking financial rehabilitation.
The article by the Chapter 13 lawyer provides an in-depth look at the "wage earner's plan," which is tailored…
AFEA Welcomes New Chapter President
Leader in Financial Literacy Continues to Expand
The American Financial Education Alliance is dedicated to providing financial education and increasing financial literacy within communities all over the country. Today, the Board of Directors has chosen to continue to do just that, by unanimously voting in Robert Wolf as the new Chapter President of AFEA’s Orange, CA Chapter.
With the addition of Robert Wolf as the new Chapter President, AFEA is expanding…
AFEA Welcomes New Chapter President
Leader in Financial Literacy Continues to Expand
The American Financial Education Alliance is dedicated to providing financial education and increasing financial literacy within communities all over the country. Today, the Board of Directors has chosen to continue to do just that, by unanimously voting in Angelica Jones as the new Chapter President of AFEA’s Glendale, California Chapter.
With the addition of Angelica Jones as the new Chapter President, AFEA is expanding…
