Legal Question in Credit and Debt Law in Illinois

according to our chapter 13 bk lawyer in illinois our combined pension-social security income of $95000 is judgement proof. in addition under illinois law our small $150000 annuity is judgement proof. our pending short sale offer of $63000 will still leave a dificiency of $190000. can the bank go after our two 9 year old paid for cars worth only $9000? our chapter 13 was dismissed since the irs was fully paid. all unsecured debts were negoiated by another firm for us at 35 cents on the dollar. we now have no debt. are we judgement proof?


Asked on 1/18/13, 6:04 pm

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

Ask your very competent bankruptcy lawyer. He or she will explain what exemption rights your have in your vehicles. You each are entitled to claim $2400 in each vehicle. You can stack your wild card exemption of $4000 each, making the cars exempt. Thus you appear to be judgment proof.

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Answered on 1/19/13, 7:53 am


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