Wildcard exemption - IL

[Mama2LNJ]

Hi! I have posted a couple times and I read like crazy! I have a question about the $4,000 personal property exemption in IL. We are preparing to file ch 7 next week after a failed business. I am a TOTAL wreck!

I have about 550 in the bank and 650 cash on hand. I would like to keep all this money. As well as my husbands wages that he will be earning on October 29 (1540 gross). I am afraid if this money is in the bank (esp the wages) that they can take it. Or take my cash on hand. I wondered if any of this would be considered exempt under the $4,000 wildcard...
Is my furniture and tv, computer etc also supposed to be figured in that $4,000?
And my final and biggest question that I cannot find an answer too is this: If my husband and I are filing jointly does that $4,000 get doubled to 8,000? I found some info that said yes, but I am not too keen to believe it just yet Thanks for any help you can give me!

[Mama2LNJ]

hmm no one has any insight for me?

[mrskal]

Wildcard is doubled. It will cover anything I believe. I am using part for cars and part for cash and houshould goods and jewelery.

I am not to sure on the paycheck. Our lawyer told us to spend down money because we would be using the examptions for other stuff. We had one paycheck come in a few days before we filed, and he said dont worry about it. That may be specific to my case and numbers though. That money was gone as fast as it came in anyway with utility bills and day to day living expenses.

[free2breathe]

Click on the "Exemptions" tab at the top of the page, click on Illinois. You'll get the exemptions and the codes that pertain to them. Very helpful resource up there that I just discovered yesterday.

Edited to add: http://www.chicagochapter7attorney.c...exemptions.php showing that yes, Illinois does allow you to double your exemptions when filing joint.

[Mama2LNJ]

that site is extremely helpful! Thank you so much!