Avoid Mistakes When Planning and Filing Illinois Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

Illinois Bankruptcy Laws - Real Estate Value

11 U.S.C. Section 522(d): "The following property may be exempted under subsection (b)(1) of this section: (1) The debtor's aggregate interest, not to exceed $18,450 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor."

Value allowed is determined by equity, based upon a fair market price which may be received by a non-professional seller in the open market. The full text of 11 U.S.C. 522 - federal bankruptcy statutes - is available online through the Cornell University Law School. Values are an opinion based upon subjective analysis, and therefore provide fertile ground for objections filed by trustees, creditors, and parties in interest. In the event of disputed value, after notice and hearing, the court determines a "reasonable value."

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