Bloomington Illinois Bankruptcy: Exempted Property

Friday, October 28, 2011

Exempted Property

Almost everyone who files a chapter 7 bankruptcy in Bloomington Illinois owns some assets. However, because of certain exemptions, that are provided for by federal and state law, there is a good chance that the entirety of what you own is off limits to creditors, period. Determining what you own, and which exemptions apply to what items of property is one of the most important issues in your bankruptcy.

In Bloomington Illinois, the property that you can exempt, or protect, is defined by Illinois law and not the U.S. Bankruptcy Code. As a result, in a McLean County bankruptcy, you are able to exempt the following: (i) all clothing; (ii) retirement accounts in full; (iii) $15,000 of equity in your home ($30,000 for joint filing spouses); (iv) $2,400 for one vehicle per debtor; and (v) $4,000 for all other personal property, which can be used on a second vehicle. There are other Illinois exemptions that may apply to your case and our experienced attorneys can help guide you through the process of protecting your assets.

Feel free to contact us at (309) 662-5084 to schedule a free consultation, or Email us with your question.

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Jon D. McLaughlin

Bloomington Illinois Bankruptcy
(309) 319-6206

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Bloomington Bankruptcy Law

I grew up in Provo, Utah, but moved to Oklahoma in order to finish my bachelor’s degree in philosophy and ancient greek at Oklahoma State University. I then attended law school at the University of Illinois. While in law school, I was an Associate Editor of a journal published by the university. Also during this time, I worked for law firms in Tulsa, Oklahoma, and Indianapolis, Indiana, and for the Honorable Joe McDade (a Federal Judge, sitting in Peoria).

While still in law school, the Illinois Supreme Court allowed me to practice law and represent clients under Rule 711. This allowed me to gain valuable experience, early on, that has served me well in my subsequent practice.

After law school, I moved to Bloomington, Illinois, and have been practicing law here since that time. While I have handled business transactions and litigation in the past, some involving more than $10,000,000, I now limit my practice to family law matters. I handle divorce, custody, child support, visitation, and other matters that require the court’s attention. I have had much success in getting my clients promising results because of my firm and aggressive approach.

I am a certified Guardian ad Litem, which means that the courts appoint me to investigate child custody, visitation, and other matters. These appointments have helped me become a better advocate for children and to toughen my position in fighting for my clients.

I am a member of the Mediation Council of Illinois. Due to my experience in the area, I am able to advise my clients as to how they can achieve the best results in mediation. In the Eleventh Circuit, mediation is mandatory in visitation and custody disputes. Therefore, it is important to be well-advised when participating in mediation and negotiating a possible resolution to your case.

The majority of my cases are tried in McLean County; however, I also practice in other surrounding counties.

Associations and Memberships: McLean County Bar Association (Treasurer, 2009-2010); ABC Counseling (Board of Directors, 2009-Present); Illinois State Bar Association.

Publications: Mandatory Arbitration Clauses in Employee Manuals, 44 Lab. & Emp. L. (Ill. Bar Assoc., Springfield, Illinois), December 2006; Extinguishing Pension Plans by Partial Termination & Aggregation, U. Ill. J. Bus. L. Soc’y (Feb. 1, 2007); What Relevance Does The ADA Have To HIPAA-Regulated “Bona Fide Wellness Programs”?, U. Ill. J. Bus. L. Soc’y (Feb. 10, 2007); Damages in Delayed Construction Claims, 36 Colo. Law. 17 (March 2007); Disciplining Attorneys and Other FSLA-Exempt Employees for Attendance Problems, Ill. Bar J. (Nov. 2007); Using Altman's Z-Score to Synchronize the Watches of Courts, Directors, Creditors, and Shareholders, 31 Hamline L. Rev (August 2008). Asked and Answered: Will I Lose my Stepchildren?, Ill. Bar J. (Jan. 2009).

Presentations: Surviving Divorce: Financial Implications, Money Smart Week (Illinois) (Bloomington, Illinois, April 8 and 9, 2008); Will Your Loved Ones Be Left Out, Financial and Legal Challenges Faced by the LGBT Community (Bloomington, Illinois, September 25 and 27, 2008).

I am married and have two energetic and beautiful daughters.