Illinois State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Updated exemption law data as of 2/21/06
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. Illinois law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$15,000 exemption for residence (includes farm, condominium, personal
property, or cooperative).
Wages
85 percent of weekly earnings are exempt.
Automobiles
$2,400 of the value of one motor vehicle.
Other Property
100 percent of the necessary wearing apparel, bible, school books, and
family pictures of the debtor and the debtor's dependents; $1,500 in
implements, books and tools of the trade; and $4,000 covering any other
personal property of the debtor.
Note: Exemptions may have changed since our last update.
» Read the complete Illinois bankruptcy
exemptions here
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