Illinois Motor Vehicle Exemption & Other Personal Property Exemptions

    
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Illinois Motor Vehicle Exemption & Other Personal Property Exemptions
               
              How much equity in your car or truck can you protect if you file for bankruptcy in Illinois?             

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Illinois Personal Property Exemptions — State SystemPersonal Property Exemptions Under Illinois LawCAR: 
$2,400
Federal Non-Bankruptcy Personal Property Exemptions
(available only if using State System)
Personal Property Exemptions — Federal System § 522(d)Can Illinois debtors use the Federal Bankruptcy exemptions instead of Illinois exemptions?No. 735 Ill. Comp. Stat. § 5/12-1201

The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if
you haven't lived in any state longer than 180 days for a while, 
or
if your state allows the Federal exemptions as a choice.
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Albin Renauer has spent his career making consumer law information free and accessible to everyone. In the 1990s Albin worked with Nolo Press to invent WillMaker and LivingTrustMaker and ran Nolo website back in the DotCom era of Y2K.  In 2006, Albin launched LegalConsumer.com and the free Bankruptcy Means Test Calculator. Millions of consumers have used these FREE tools and information to learn about their rights under bankruptcy law.  For more than 30 years, Albin co-authored 22 editions of Nolo's bestselling guide How to File for Chapter 7 Bankruptcy from 1989 to 2023. Albin is currently exploring ways that AI can increase consumers' access to justice.

          Lake County, IL Bankruptcy Home 
        
Jurisdictional relevance: STThere are versions of this article for each State.

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        RELATED ARTICLES:
      
Illinois Homestead ExemptionHow much of your home equity is protected if you file for bankruptcy in Illinois?
Illinois Tools of Trade ExemptionsMost states allow an exemption for "tools of trade or profession"... this can include tools, books, even vehicles. Sometimes can be an alternative to the motor vehicle exemption. 
Illinois WildCard ExemptionAlmost every state has an exemption for "any property" which is sometimes called the "wildcard" or "grubsteak" exemption. Generally this exemption is useful because it can be combined with other exemptions to fully protect equity that might otherwise go unprotected.

Lake County, IL Bankruptcy ResourcesLake County Bankruptcy Means Test CalculatorAutomatically apply the Lake County expense standards, and Illinois income standards to your means test calculation.
Lake County Bankruptcy CourtFind where to file if you live in Lake County.
Illinois Bankruptcy Exemption LawsWhat property you can keep under Illinois and federal exemption laws.

  From Other Websites:

Illinois Motor Vehicle Exemption & Other Personal Property Exemptions

Illinois Personal Property Exemptions — State System

Personal Property Exemptions Under Illinois Law

Federal Non-Bankruptcy Personal Property Exemptions(available only if using State System)

Personal Property Exemptions — Federal System § 522(d)

Free Bankruptcy Case Evaluation For Lake County, IL

Jurisdictional relevance: ST

Federal Non-Bankruptcy Personal Property Exemptions
(available only if using State System)