Expert: Terry Leeders - 5/22/2008

Question
are both 401K's and IRA's exempt from chpt 7 in IL?  Also, while credit is still in good standing can I lease a new vehicle getting a good interest rate and not have to list them a debtor?  What happens to my house if it has no equity but I continue making the payments on time.

Answer
Yes, there are exemptions for IRA's and 401k in IL to protect them 100% in IL. All debts, including leases must be listed in the case, but you can choose to assume the lease, keep making payments, and keep the vehicle in chapter 7.  If you have no equity in the home, are current on the payments, you can reaffirm the debt to allow you to keep the property after bankruptcy. If you would like a free consultation to meet with me, I'd be happy to set that up. Please contact me at the phone/email in my profile. Thanks.Terry Leeders