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do I have to file chapter 7 to get wildcard exemption or?

1 Answers. Asked on Jan 02nd, 2017 on Bankruptcy - Illinois
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Answered on Jan 03rd, 2017 at 2:36 PM

A Bankruptcy is a federal action.  Per the Illinois statutes, only Illinois exemptions are allowed.  However, those are in the Illinois statutes and, as such, applicable to being asserted in any state action, such as collection. 

Therefore, a Bankruptcy is not needed to assert the exemption.  Whether or not that applies to your situation is another question. 

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