Legal Question in Credit and Debt Law in Illinois

I understand that a debtor's business income is unprotected (not exempt) as far as collections or a judgment is concerned. However, if the business is a sole proprietorship, or if the debtor is an independent contractor (secretarial service or computer consultant), and the income thus far is less than $4000, is the income still unprotected?

I have no other income, no job in the last 2 years, so I would like to freelancing; however I can't operate in Chicago without a business license.


Asked on 8/09/10, 10:20 pm

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

If you have assets of less than 4,000, a creditor can take nothing from you, if you are a sole proprietorship. However, if you have more than $4,000 in assets, including your money in the bank, your furniture etc, then they can get that excess.

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Answered on 8/17/10, 10:15 am


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