Legal Question in Credit and Debt Law in Illinois

I have been out of work for two years and owe apporx. $35,000 to hospital and credit cards. Have sold everything except motorcycle that I use to look for work and getting around and live with friends and family. Can any of these creditors take my bike as payment? It really is the only thing I own outside of some clothes,


Asked on 7/20/10, 2:08 pm

1 Answer from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Depdns on the value of your motorcycle. Research collections and exemptions in Illinois and determine what the fair market vcalue of your bike is. If less than the exedmption, no. If more, they could force a sale-you would be entitled to excess proceeds.

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Answered on 7/25/10, 6:37 am


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