Real estate law firm Codilis and Associates serves clients in the legal area of creditor rights. Located in Burr Ridge, Illinois, Codilis and Associates is run by legal professionals with expertise in multiple areas of real estate law, including building court and bankruptcy.

1. EXEMPTED
PROPERTY IN A
BANKRUPTCY
CASE
Codilis,Codilis & Associates

2. Introduction
■ Real estate law firm Codilis and Associates serves clients in the legal area
of creditor rights. Located in Burr Ridge, Illinois, Codilis and Associates is
run by legal professionals with expertise in multiple areas of real estate
law, including building court and bankruptcy.
When an individual declares bankruptcy, state and federal laws must be
examined to determine if his/her real estate property is exempt from
liquidation. Generally, individuals may retain enough real estate property
to ensure a 'fresh start’ after bankruptcy proceedings.This includes any
property deemed necessary for daily living, such as a main residence,
vehicles, and furnishings.
A portion of the equity in these exempt properties may also be retained by
the filer.The federal government allows an equity exemption of just over
$23,000.The amount of equity that is exempted in a bankruptcy case
differs from state to state, however, and in 17 states, individuals can
decide to apply either the state or federal exemption amount to their case.