Illinois Bankruptcy Exemptions

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:
Insurance, Pensions, Public Benefits, Tools of Trade, Wages & Miscellaneous
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