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Illinois' Homestead Exemption Doubles

01-04-2006 04:16 PM CET | Science & Education

Press release from: David M. Siegel & Associates

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

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