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Illinois Exemption Notes

The main set of exemptions for Illinois are found in Ttile 735 § 5/12-100 &  5/12-901 et seq.  of the Illinois Compiled Statutes Annotated.

Illinois' homestead exemption is a measly $15,000  and its personal property exemptions are less generous than the federal exemptions, which are NOT available in Illinois.

Other Listings of Illinois Exemptions

Both Nolo, and UpSolve also discuss Illinois exemptions.

 

OPT OUT STATUS:

Can I use the §522(d) Federal Bankruptcy Exemptions in Illinois?

No. 735 Ill. Comp. Stat. § 5/12-1201

KEY EXEMPTIONS:

Homestead

Real or personal property including a farm, lot, & buildings, condo, co-op, or mobile home to $15,000 (husband and wife may double); sale proceeds exempt for 1 year

Motor Vehicle

$2,400

Wildcard

$4,000 of any personal property (does not include wages)

Personal Property

See Wild Card
Bible, family pictures, schoolbooks, & clothing
Health aids
Implements, books, & tools of trade to $1,500

See Also:
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  • Homestead

  • Homestead [US] Real property, including co-op or mobile home, or burial plot to $27,900; unused portion of homestead to $13,950 may be applied to any property
  • Tenancy by Entirety

  • Tenancy by Entirety [US] Tenancy by entirety is exempt only if debtor chooses State & Non-bankruptcy exemptions.
  • Insurance — Life, Disability

  • Insurance — Life, Disability [US] Disability, illness, or unemployment benefits
  • Insurance — Life, Disability [US] Life insurance payments from policy for person you depended on, needed for support
  • Insurance — Life, Disability [US] Life insurance policy loan value, in accured dividends or interest, to $14,875
  • Insurance — Life, Disability [US] Unamtured life insurance contract, except credit insurance policy
  • Pensions & Retirement Savings

  • Pensions & Retirement Savings [US] All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,512,350 (excluding rollover contributions); limitation can be overidden by judge.
  • Personal Property

  • Personal Property [US] Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $700 per item, $14,875 total
  • Personal Property [US] Health aids
  • Personal Property [US] Jewelry to $1,875
  • Personal Property [US] Lost earnings payments
  • Personal Property [US] Motor vehicle to $4,450
  • Personal Property [US] Personal injury recoveries to $27,900 (not to include pain & suffering or pecuniary loss)
  • Personal Property [US] Wrongful death recoveries for person you depended on
  • Public Benefits

  • Public Benefits [US] Crime victims' compensation
  • Public Benefits [US] Social Security
  • Public Benefits [US] Unemployment compensation
  • Public Benefits [US] Veteran's benefits
  • Tools of Trade

  • Tools of Trade [US] Implements, books, & tools of trade to $2,800
  • Wages

  • Wages [US] None
  • Wild Card

  • Wild Card [US] $1,475 of any property
  • Wild Card [US] Up to $13,950 of unused homestead exemption amount, for any property.
  • Miscellaneous

  • Miscellaneous [US] Alimony, child support needed for support
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