Illinois Bankruptcy Exemptions

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Federal bankruptcy exemptions available? NO

The references to Illinois statutes are to the Illinois Compiled Statutes.

Resources:

United States Bankruptcy Court, Central District of Illinois

United States Bankruptcy Court, Northern District of Illinois

United States Bankruptcy Court, Southern District of Illinois

Illinois Bankruptcy Attorneys

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)
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. 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(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)

Click here to read an Introduction to Bankruptcy Exemptions.

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