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Protecting your Assets

Personal Bankruptcy > Protecting your Assets

If you file a bankruptcy case under chapter 7, your trustee in bankruptcy has the right to sell your non-exempt assets, convert them to cash, and use that cash to pay a portion of your creditors’ claims.  However, you have the right to claim exemptions under Illinois law if you lived in Illinois for the past two years.  And if you have lived in Wisconsin for the past two years, you have the right to claim exemptions under either Wisconsin law or federal law.  Lakelaw knows all the exemptions to which you are entitled.  In fact, David P. Leibowitz, Lakelaw’s managing member gave a presentation on bankruptcy exemptions at the 2010 American Bankruptcy Institute Consumer Bankruptcy Law Conference in Chicago.  Your Lakelaw attorney will be sure to claim every exemption to which you are entitled so that you’ll be able to keep as much of your property as possible in your chapter 7 bankruptcy case.

Personal Bankruptcy


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