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Illinois Motor Vehicle Exemption & Other Personal Property Exemptions

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 Homestead Exemption
 
Illinois Tools of Trade Exemptions

Updated: 2020-12-30 by

Illinois Motor Vehicle Exemption

$2,400

Illinois Personal Property Exemptions

Federal Non-Bankruptcy Personal Property Exemptions (available in every state)

Federal Bankruptcy Code § 522(d) Personal Property Exemptions

The Federal Bankruptcy Exemptions 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.

Does Illinois allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

No. 735 Ill. Comp. Stat. § 5/12-1201

 

Illinois Homestead Exemption
 
Illinois Tools of Trade Exemptions

You may also be interested in:

  • Illinois Homestead Exemption

    How much of your home equity is protected if you file for bankruptcy in Illinois?

  • Illinois Tools of Trade Exemptions

    Most 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 Exemption

    Almost 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.

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Illinois: Law

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