debt






 

Question by  tia (20)

What is the bankruptcy car allowance in Illinois?

 
+7

Answer by  salsafoodie (3146)

There is no allowance for a car in your state. I believe that you are able to return the car if you filled for bankruptcy. If you are able to pay for the car you can work out a plan with the company and see if you are able to refinance the car.

 
+7

Answer by  Roland27 (16334)

Each state has a dollar amount of how much money is possessions you are allowed to keep. If you go over that amount they start selling off the things they can actually get money for, such as your car.

 
+6

Answer by  patti (29325)

The Illinois State Statute 735-5/12-1001(c) provides that $2400 is the allowable exemption for a motor vehicle in a bankruptcy. State Statute 735-5/12-1001(b)provides for a "wildcard" exemption up to $4000. The best advice in this matter would come from an attorney who is familiar with the specific situation.

 
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