Illinois Bankruptcy Law
Posted on Jan 12, 2010 in Illinois
Clients ask us if we practice Illinois Bankruptcy Law. Strictly speaking, we don’t do that. What we do is represent clients in bankruptcy law in Illinois. What’s the difference?
Under our Constitution, there is just one bankruptcy law. It’s federal. In just one sentence of the Constitution, our Founding Fathers gave the United States federal government gave Congress the exclusive right to regulate both bankruptcy and immigration. That’s quite an assignment for one sentence.
Even though we practice federal bankruptcy law, Illinois law is still very important to our Illinois debtors in bankruptcy. Why? That’s because all property rights are determined by State law. Not only that, in Illinois, all exemptions – property you can keep in bankruptcy – is determined exclusively by Illinois law.
Now, if you moved into Illinois from another state, other state or even federal law may decide what you get to keep. But that’s a different question for a different day.
So remember. Lakelaw practices bankruptcy law in Illinois. Don’t let anyone tell you that they practice Illinois Bankruptcy Law. If they do, run in the opposite direction!!