Legal Question in Bankruptcy in Illinois

Re: assets allowed

Your age is not a factor in bankruptcy. The real issue is where you are a resident. The reason for this is the exemption scheme. If you are a resident of the state of Illinois, you must use Illinois exemptions. ALL retirement funds by Illinois statute are 100% exempt. Since I am not a Wisconsin attorney, I could not give you any advice about what would and what would not be exempt in Wisconsin. Almost needless to say, the exemption what applies to retirement funds is not the only exemption that you have available to you pursuant to Illinois law. I can only say that very few clients lose anything but debt by filing a bankruptcy petition, despite what the banks and credit card companies want you to believe. Now, the bottom line: I believe that you should consult a bankruptcy professional in both Wisconsin and Illinois to compare the exemption schemes in each state to see where you are going to come out better. Then, stay/become a resident of that state, and file. Most bankruptcy lawyers, like myself, offer a free 30 minute consultation, so this should not cost you anything but your time. GOOD LUCK!