Go To Credit Help Services Home Page
|
Illinois State Bankruptcy Exemptions |
|
|
Illinois State Bankruptcy Exemptions |
| ASSET | EXEMPTION | LAW PROVISION |
|
HOMESTEAD
|
Real or personal property including a farm, lot and building, condo, co-op or mobile home to $7,500; sale proceeds exempt 1 year from sale | 735-5/12-901, 735-5/12-906 |
| Spouse or child of deceased owner may claim homestead exemption | 735-5/12-902 | |
| Husband and wife may double |
First National Bank v Mohr 515 N.E. 2d 1356 (App. Ct. Ill. 1998) |
|
|
PERSONAL PROPERTY
|
Bible, family pictures, schoolbooks and needed clothing | 735-5/12-1001(a) |
| Health aids | 735-5/12-1001(e) | |
| Motor vehicle to $1,200 | 735-5/121001(c) | |
| Personal injury recoveries to $7500 | 735-5/12-1001(g)(4) | |
| Proceeds of sold exempt property | 735-5/12-1001 | |
| Title certificate for boat over 12 feet | 652-45/3A-7 | |
| Wrongful death recoveries needed for support | 735-5/12-1001(h)(2) | |
|
INSURANCE
|
Fraternal benefit society benefits | 215-5/299.1a |
| Health or disability benefits | 735-5/12-1001(g)(3) | |
| Homeowners’ proceeds if home destroyed, to $7,500 | 735-5/12-907 | |
| Life insurance, annuity proceeds or cash value if beneficiary is insured’s child, parent, spouse or other dependent | 215-5/238 | |
| Life insurance policy if beneficiary is insured’s spouse or chil | 735-5/12-1001(f) | |
| Life insurance proceeds if clause prohibits from being used to pay beneficiary’s creditors | 215-5/238 | |
| Life insurance proceeds needed for support | 735-5/12-1001(f), (g)(3) | |
|
MISCELLANEOUS
|
Alimony, child support needed for support | 735-5/12-1001(g)(4) |
| Property of business partnership | 805-205/25 | |
|
PENSIONS
|
Civil service employees | 40-5/11-223 |
| County employees | 40-5/9-228 | |
| Disabled firefighters; widows and children fo firefighters | 40-5/22-230 | |
| ERISA-qualified benefits | 735-5/12-1006 | |
| Firefighters | 40-5/4-135, 40-5/6-213 | |
| General assembly members | 40-5/2-154 | |
| House of correction employees | 40-5/19-117 | |
| Judges | 40-5/18-161 | |
| Municipal employees | 40-5/7-217(a), 40-5/8-224 | |
| Park employees | 40-5/12-190 | |
| Police officers | 40-5/3-144.1, 40-5/5-218 | |
| Public employees | 735-5/12-1006 | |
| Public library employees | 40-5/19-218 | |
| Sanitation district employees | 40-5/13-808 | |
| State employees | 40-5/14-147 | |
| State university employees | 40-5/15-185 | |
| Teachers | 40-5/16-190, 40-5/17-151 | |
|
PUBLIC BENEFITS
|
Aid to aged, blind, disabled, AFDC | 305-5/11-3 |
| Crime victims’ compensation | 735-5/12-1001(h)(1) | |
| Restitution payments on account of WWII relocation of Aleuts and Japanese Americans | 735-5/12-1001(12)(h)(5) | |
| Social security | 735-5/12-1001(g)(1) | |
| Unemployment compensation | 735-5/12-1001(g)(1), (3) | |
| Veterans’ benefits | 735-5/12-1001(g)(2) | |
| Workers’ compensation | 820-305/21 | |
| Workers’ occupational disease compensation | 820-310/21 | |
| TOOLS OF TRADE | Implements, books and tools of trade to $750 | 735-5/12-1001(d) |
| WAGES | Minimum 85% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors | 740-170/4 |
|
WILD CARD
|
$2,000 of any personal property | 735-5/12-1001(b) |
| Includes wages |
In re Johnson, 57 B.R. 635 (N.D. ILL 1986) |
Thursday January 12, 2006