Illinois Bankruptcy Exemptions
Homestead
735-5/12-901 - Real or personal property, including farms, lots, buildings,
condos, co-ops or mobile homes up to $15,000. Spouse or child of deceased
owner can claim homestead (735-5/12-902). Sale proceeds up to 1 year
(735-5/12-906). With some limitations, Illinois recognizes tenancy by the
entirety (750-65/22).
Personal Property
110-979/45(g) - Prepaid tuition trust funds.
235-5/6-1 - Pre-need cemetery sales funds, care funds, and trust funds.
735-5/12-1001 - Motor vehicle up to $2,400; clothing needed; health aids;
school books; family pictures; bible; personal injury recoveries up to
$15,000; wrongful death recoveries; proceeds from sale of exempt property;
any other personal property up to $4,000 (not including wages).
Wages
740-170/4 - Either a minimum 85% of earned but unpaid wages or 45 times the
higher of the state and federal minimum hourly wage, whichever is greater.
Judge may approve more for low income debtor.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional IRAs and Roth
IRAs up to $1,095,000 per person.
40-5/2-154 - General assembly members.
40-5/3-144.1 & 40-5/5-218 - Police officers.
40-5/4-135 & 40-5/6-213 - Firefighters.
40-5/7-217 & 40-5/8-244 - Municipal employees.
40-5/9-228 - County employees.
40-5/11-223 - Civil service employees.
40-5/12-190 - Park employees.1111
40-5/13-805 - Sanitation district employees.
40-5/14-147 - State employees.
50-5/15-185 - State university employees.
50-5/16-190 & 40-5/17-151 Teachers.
40-5/18-161 - Judges.
40-5/19-117 - House of correction employees.
40-5/19-218 - Public library employees.
40-5/22-230 - Disabled firefighters, and widows and children of
firefighters.
735-5/12-1006 - ERISA-qualified benefits and IRAs. As well as public
employees.
Public Benefits
305-5/11-3 - Aid to blind, aged, and disabled; public assistance.
735-5/12-1001 - Veterans' benefits; Social Security; unemployment
compensation; crime victims' compensation; restitution payments for World
War II relocation of Japanese Americans and Aleuts.
820-305-21 - Workers' compensation.
820-310/21 - Workers' occupational disease compensation.
Tools of Trade
735-5/12-1001 - Tools, books, and implements of trade up to $1,500.
Alimony and Child Support
735-5/12-1001 - Alimony and child support needed for support.
Insurance
215-5/238 - Life insurance, annuity, or cash value if beneficiary is spouse,
child, parent, or other dependent of the beneficiary.
215-5/299.1a - Fraternal benefit society benefits.
735-5/12-907 - Homeowners' insurance proceeds for destroyed home, up to
$15,000.
735-5/12-1001 - Health and disability benefits; life insurance proceeds
needed for support if beneficiary is spouse or child.
Misc
805-205/25 - Business partnership property.