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Asset Protection in Illinois

The idea that declaring bankruptcy entails losing all of your possessions is untrue. Exemptions are a tool you can utilize to safeguard your assets. An asset will be protected from being liquidated to repay the lender if you "exempt" it. You can pick between a state exemption system and the federal exemption system in states across the country.

Explore Asset Protection

Asset Protection


Defending Your Property from Repossession

If you can't pay your creditors, they can take away your property. When you take out a purchase loan to pay for something, such as a house or a car, you typically agree to repay the loan in installments until fully paid off.

Under the standard terms of this type of agreement, you are in "default" if you miss a payment. Once you are in default, whatever you have purchased with the loan is considered "collateral" that the creditor is entitled to take back.

If you miss loan payments, Illinois lenders can take the following actions:

You've worked hard to get to where you are. Don't let creditors take a single thing away from you! Call or text DebtStoppers to discuss asset protection with one of our skilled Illinois foreclosure defense lawyers today.

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Protecting What You Own Through Bankruptcy

While there are various ways people try to handle their debt, bankruptcy is the only asset protection solution that allows you to eliminate all of your debt at once. As soon as you file a bankruptcy petition in Illinois, the court will issue an "automatic stay," ordering your creditors to stop calling you and stop trying to take your money and possessions.

Bankruptcy can:

Many people think you have to give up your possessions when you file for bankruptcy. However, we find that this is rarely the case. While Illinois Chapter 7 laws permit certain "non-exempt” assets to be liquidated to pay your creditors, most of our clients don't lose a single thing during the Chapter 7 process.

With an Illinois Chapter 13 bankruptcy, your assets are never liquidated. Instead, you restructure your debts into an affordable monthly payment that allows you to repay creditors over 3 to 5 years while providing asset protection. Chapter 13 can enable you to find freedom from debt while keeping your life intact.

DebtStoppers Can Help With Asset Protection

Call or text DebtStoppers today to consult with one of our skilled Illinois bankruptcy attorneys. As Illinois’ largest debt relief law firm, we have helped thousands of people just like you avoid foreclosure, repossession, and wage garnishment. A customized DebtStoppers asset protection plan can help eliminate your debts and end creditor harassment, all while protecting your assets.

Don't let creditors take your hard-earned possessions or steal the roof from over your head! Call or text DebtStoppers at 312-913-0630 and schedule a free consultation with an Illinois asset protection attorney today.

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