Park Ridge, IL asked in Bankruptcy and Collections for Illinois

Q: I have about $50k in CC debt judgments. What can/will they try to collect from me?

Married, Live in IL, self employed for apx $35k/yr. Part time about $150/wk. Main income comes via 1099 contract work. Part time is a traditional paycheck. Business is service based with no assets and is handled as a disregarded entity for taxes. All debts are in my name only. We own a house that is in the wife's name, I am listed as tenant by entirety. Car is owned/used and probably worth $5k. I have less than $1k cash in bank, she probably has more cash on hand and savings. She makes over $150k/yr.

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Check the Illinois exemptions and you can determine how much allowance you have for each category. After your exemptions are used, whatever is left over is non-exempt and can be taken.

Alexander Ivakhnenko agrees with this answer

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