With chapter 7 bankruptcy, putting a value on your assets is of utmost importance.Each state gives debtors limited exemptions to protect assets, so the proper value of your belongings is crucial. Now, in general, the trustee in your chapter 7 case is not interested in the small stuff like your spoons, your old tv from 1984 etc. The trustee is looking for assets of value that can be liquidated to pay your creditors, such as new electronics, collectibles - autographs, memorabilia, vehicles,...
Bankruptcy Exemptions for retirement accounts in IL, reaffirming car lease and home
| Subject: | assets in bk |
| Question: | are both 401K's and IRA's exempt from chpt 7 in IL? Also, while credit is still in good standing can I lease a new vehicle getting a good interest rate and not have to list them a debtor? What happens to my house if it has no equity but I continue making the payments on time. |