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Illinois Bankruptcy ExemptionsHomestead 735-5/12-901 - Real or personal property, including farms, lots, builidings, condos, co-ops or mobile homes up to $15,000. Spouse or child of deceased owner can claim homestead (735-5/12-902). Sale proceeds up to 1 year (735-5/12-906). With some limitations, Illinois recognizes tenancy by the entirety (750-65/22). Personal Property 110-979/45(g) - Prepaid tuition trust funds. 235-5/6-1 - Pre-need cemetery sales funds, care funds, and trust funds. 735-5/12-1001 - Motor vehicle up to $2,400; clothing needed; health aids; school books; family pictures; bible; personal injury recoveries up to $15,000; wrongful death recoveries; proceeds from sale of exempt property; Illinois College Savings Pool accounts that were invested more than 1 year before filing if below federal gift tax limit, or 2 years before filing if above the federal gift tax limit; any other personal property up to $4,000 (not including wages). Wages 740-170/4 - Either a minimum 85% of earned but unpaid wages or 45 timest the higher of the state and federal minimum hourly wage, whichever is greater. Judge may approve more for low income debtor. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional IRAs and Roth IRAs up to $1,095,000 per person. 40-5/2-154 - General assembly members. 40-5/3-144.1 & 40-5/5-218 - Police officers. 40-5/4-135 & 40-5/6-213 - Firefighters. 40-5/7-217 & 40-5/8-244 - Municipal employees. 40-5/9-228 - County employees. 40-5/11-223 - Civil service employees. 40-5/12-190 - Park employees. 40-5/13-805 - Sanitation district employees. 40-5/14-147 - State employees. 50-5/15-185 - State university employees. 50-5/16-190 & 40-5/17-151 Teachers. 40-5/18-161 - Judges. 40-5/19-117 - House of correction employees. 40-5/19-218 - Public library employees. 40-5/22-230 - Disabled firefighters, and widows and children of firefighters. 735-5/12-1006 - ERISA-qualified benefits and IRAs. As well as public employees. Public Benefits 305-5/11-3 - Aid to blind, aged, and disabled; public assistance. 735-5/12-1001 - Veterans' benefits; Social Security; unemployment compensation; crime victims' compensation; restitution payments for World War II relocation of Japanese Americans and Aleuts. 820-305-21 - Workers' compensation. 820-310/21 - Workers' occupational disease compensation. Tools of Trade 735-5/12-1001 - Tools, books, and implements of trade up to $1,500. Alimony and Child Support 735-5/12-1001 - Alimony and child support needed for support. Insurance 215-5/238 - Life insurance, annuity, or cash value if beneficiary is spouse, child, parent, or other dependent of the beneficiary. 215-5/299.1a - Fraternal benefit society benefits. 735-5/12-907 - Homeowners' insurance proceeds for destroyed home, up to $15,000. 735-5/12-1001 - Health and disability benefits; life insurance proceeds needed for support if beneficiary is spouse or child. Misc 805-205/25 - Business partnership property. Other - Add any applicable Federal Nonbankruptcy Exemptions Return to the Bankruptcy Steps HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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