| Illinois Bankruptcy Exemptions |
|
|
| Assets |
Exemption |
State Statute |
| Homestead |
Real
or personal property that is the residence of the debtor, including a lot,
farm, building, condo, co-op, or mobile home: up to $15,000.< |
735-5/12-901 |
|
Proceeds from sale of homestead:
all for 1 year after sale. |
735-5/12-906 |
|
Property held by married couple
as tenancy in the entirety: up to $15,000 (with limitations). |
750-65/22; 765-1005/1c |
|
Spouse or children of a deceased
owner of a homestead may claim the exemption. |
735-5/12-902 |
| Insurance |
Life insurance
annuity/proceeds/cash value: all if beneficiary is the child, spouse, parent,
or other dependant of the insured. |
215-5/238; 735-5/12-1001(f) |
|
Fraternal benefit society
benefits: all. |
215-5/299.1a |
|
Proceeds if home is destroyed:
up to $15,000. |
735-5/12-907 |
|
Life insurance proceeds to
debtor's dependents: all necessary for support. |
735-5/12-1001(f), (g)(3) |
|
Disability or health benefits:
all. |
735-5/12-1001(g)(3) |
| Miscellaneous |
Child support and alimony
payments: all. |
735-5/12-1001(g)(4) |
|
Property owned by business
partnership: all. |
805-205/25 |
| Pensions |
Federal pension exemptions. |
|
|
Pension for general assembly
members: all. |
40-5/2-154 |
|
Police officer pensions: all. |
40-5/3-144.1; 40-5/5-218 |
|
Firefighter pensions: all. |
40-5/4-135; 40-5/6-213 |
|
Municipal employee pensions:
all. |
40-5/7-217(a); 40-5/8-244 |
|
County employee pensions: all. |
40-5/9-228 |
|
Civil service employee pensions:
all. |
40-5/11-223 |
|
Park employee pensions: all. |
40-5/12-190 |
|
Sanitation district employee
pensions: all. |
40-5/13-805 |
|
State employee pensions: all. |
40-5/14-147 |
|
State university employee
pensions: all. |
40-5/15-185 |
|
Teacher pensions: all. |
40-5/16-190; 40-5/17-151 |
|
Judge pensions: all. |
40-5/18-161 |
|
House of correction employee
pensions: all. |
40-519-117 |
|
Public library employee
pensions: all. |
40-5/19-218 |
|
Disabled firefighter pensions
and benefits for widows and children: all. |
40-5/22-230 |
|
ERISA-qualified benefits and
IRAs: all. |
735-5/12-1006 |
|
Public employee pensions: all. |
735-5/12-1006 |
| Personal Property |
Deposits in pre-paid tuition
trust fund: all. |
110-979/45(g) |
|
Pre-need cemetery sales, care,
and trust funds: all. |
235-5/6-1; 760-100/4; 815-390/16 |
|
Proceeds from sale of exempt
property: all. |
735-5/12-1001 |
|
Clothing, family pictures,
Bible, schoolbooks: all. |
735-5/12-1001(a) |
|
Motor vehicle: up to $2,400. |
735-5/12-1001(c) |
|
Health aids: all. |
735-5/12-1001(e) |
|
Recoveries for wrongful death:
all. |
735-5/12-1001(h)(2) |
|
Recoveries for personal injury:
up to $15,000. |
735-5/12-1001(h)(4) |
| Public Benefits |
Disability, age, or blind aid
benefits: all. |
305-5/11-3 |
|
Public assistance benefits: all |
305-5/11-3 |
|
Social Security benefits: all. |
735-5/12-1001(g)(1) |
|
Unemployment compensation
benefits: all. |
735-5/12-1001(g)(1), (3) |
|
Veterans' benefits: all. |
735-5/12-1001(g)(2) |
|
Crime victim compensation
benefits: all. |
735-5/12-1001(h)(1) |
|
Restitution benefits for the
relocation of Aleuts and Japanese Americans during WWII: all. |
735-5/12-1001(12)(h)(5) |
|
Workers' compensation benefits:
all. |
820-305/21 |
|
Worker's occupational disease
compensation benefits: all. |
820-310/21 |
| Tools of Your Trade |
Tools, implements, and books
used in trade: up to $1,500 total. |
735-5/12-1001(d) |
| Wages |
Wages, earned but not yet paid:
at least 85% of weekly wages or 45 times the state or federal minimum hourly
wage, whichever is higher. The bankruptcy judge may allow a higher exemption
for low-income debtors. |
740-170/4 |
| Wildcard |
Any personal property except
wages: up to $4,000 total. |
735-5/12-1001(b) |
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