Can Chapter 13 take my workers comp settlement in Illinois?
Illinois' bankruptcy laws do not include an exemption for workers' compensation awards. Instead, the presumed exemption comes from the Illinois Workers' Compensation Act, which states that workers' compensation benefits are not subject to liens or garnishment.
What assets can be seized in Chapter 7?
Items that the debtor usually has to give up include:Expensive musical instruments, unless the debtor is a professional musician.Collections of stamps, coins, and other valuable items.Family heirlooms.Cash, bank accounts, stocks, bonds, and other investments.A second car or truck.A second or vacation home.
What debts are not dischargeable in Chapter 7?
Generally speaking, in a Chapter 7 proceeding, the following types of debts are not discharged:Debts that were not listed at the start of the case (or debts for unlisted creditors). ... Most student loans (unless repayment would cause the debtor and their dependents undue hardship)Recent federal, state, and local taxes.More items...•
What do you lose when you file Chapter 7?
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
What are unprotected assets?
Parents' unprotected assets include balances in savings, checking and brokerage accounts, investment real estate other than the primary home, 529 college savings, ETFs, and mutual funds. The parent's protected assets are not counted when calculating financial aida eligibility.
What are examples of non exempt property?
Non-exempt propertyExpensive musical instruments, unless the debtor is a professional musician.Collections of stamps, coins and other valuable items.Valuable family heirlooms.Cash, bank accounts, stocks, bonds and other investments.A second car or truck.A second home or vacation home.