Illinois Bankruptcy Exemptions
Get Legal Help Today
Secured with SHA-256 Encryption
|
Written by
Jeffrey Johnson
|
UPDATED: Nov 13, 2020
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
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.