Illinois Bankruptcy Exemptions
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UPDATED: Nov 13, 2020
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Federal bankruptcy exemptions available? NO
The references to Illinois statutes are to the Illinois Compiled Statutes.
Resources:
United States Bankruptcy Court, Central District of Illinois
United States Bankruptcy Court, Northern District of Illinois
United States Bankruptcy Court, Southern District of Illinois
Illinois Bankruptcy Exemptions | ||
---|---|---|
Assets | Exemption | State Statute |
Homestead | Real or personal property that is the residence of the debtor, including a lot, farm, building, condo, co-op, or mobile home: up to $15,000. | 735-5/12-901 |
Proceeds from sale of homestead: all for 1 year after sale. | 735-5/12-906 | |
Property held by married couple as tenancy in the entirety: up to $15,000 (with limitations). | 750-65/22; 765-1005/1c | |
Spouse or children of a deceased owner of a homestead may claim the exemption. | 735-5/12-902 | |
Insurance | Life insurance annuity/proceeds/cash value: all if beneficiary is the child, spouse, parent, or other dependant of the insured. | 215-5/238; 735-5/12-1001(f) |
Fraternal benefit society benefits: all. | 215-5/299.1a | |
Proceeds if home is destroyed: up to $15,000. | 735-5/12-907 | |
Life insurance proceeds to debtor’s dependents: all necessary for support. | 735-5/12-1001(f), (g)(3) | |
Disability or health benefits: all. | 735-5/12-1001(g)(3) | |
Miscellaneous | Child support and alimony payments: all. | 735-5/12-1001(g)(4) |
Pensions | Federal pension exemptions. | |
Pension for general assembly members: all. | 40-5/2-154 | |
Police officer pensions: all. | 40-5/3-144.1; 40-5/5-218 | |
Firefighter pensions: all. | 40-5/4-135; 40-5/6-213 | |
Municipal employee pensions: all. | 40-5/7-217(a); 40-5/8-244 | |
County employee pensions: all. | 40-5/9-228 | |
Civil service employee pensions: all. | 40-5/11-223 | |
Park employee pensions: all. | 40-5/12-190 | |
Sanitation district employee pensions: all. | 40-5/13-805 | |
State employee pensions: all. | 40-5/14-147 | |
State university employee pensions: all. | 40-5/15-185 | |
Teacher pensions: all. | 40-5/16-190; 40-5/17-151 | |
Judge pensions: all. | 40-5/18-161 | |
House of correction employee pensions: all. | 40-519-117 | |
Public library employee pensions: all. | 40-5/19-218 | |
Disabled firefighter pensions and benefits for widows and children: all. | 40-5/22-230 | |
ERISA-qualified benefits and IRAs: all. | 735-5/12-1006 | |
Public employee pensions: all. | 735-5/12-1006 | |
Personal Property | Deposits in pre-paid tuition trust fund: all. | 110-979/45(g) |
Pre-need cemetery sales, care, and trust funds: all. | 760-100/4; 815-390/16 | |
Proceeds from sale of exempt property: all. | 735-5/12-1001 | |
Clothing, family pictures, Bible, schoolbooks: all. | 735-5/12-1001(a) | |
Motor vehicle: up to $2,400. | 735-5/12-1001(c) | |
Health aids: all. | 735-5/12-1001(e) | |
Recoveries for wrongful death: all. | 735-5/12-1001(h)(2) | |
Recoveries for personal injury: up to $15,000. | 735-5/12-1001(h)(4) | |
Public Benefits | Disability, age, or blind aid benefits: all. | 305-5/11-3 |
Public assistance benefits: all | 305-5/11-3 | |
Social Security benefits: all. | 735-5/12-1001(g)(1) | |
Unemployment compensation benefits: all. | 735-5/12-1001(g)(1), (3) | |
Veterans’ benefits: all. | 735-5/12-1001(g)(2) | |
Crime victim compensation benefits: all. | 735-5/12-1001(h)(1) | |
Restitution benefits for the relocation of Aleuts and Japanese Americans during WWII: all. | 735-5/12-1001(h)(5) | |
Workers’ compensation benefits: all. | 820-305/21 | |
Worker’s occupational disease compensation benefits: all. | 820-310/21 | |
Tools of Your Trade | Tools, implements, and books used in trade: up to $1,500 total. | 735-5/12-1001(d) |
Wages | Wages, earned but not yet paid: at least 85% of weekly wages or 45 times the state or federal minimum hourly wage, whichever is higher. The bankruptcy judge may allow a higher exemption for low-income debtors. | 740-170/4 |
Wildcard | Any personal property except wages: up to $4,000 total. | 735-5/12-1001(b) |
Click here to read an Introduction to Bankruptcy Exemptions.