Legal Question in Bankruptcy in Illinois
Exemptions
Exempt funds from illegal death are used to purchase a car,is that car exempt?
Asked on 12/08/01, 2:36 pm
1 Answer from Attorneys
Bruce Buckrop
Bruce Buckrop
Re: Exemptions
Illinois law allows $1200 exemption for automobiles, the source of the funds does not matter, the nature of the assett is determined on the day you sign/file your petition as to the status of the asset under the law.
Answered on 12/10/01, 11:27 am
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