Illinois Bankruptcy Exemptions

The chart below contains a summary of Illinois state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Illinois bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Illinois Bankruptcy Law

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSETEXEMPTIONLAW
Illinois HomesteadReal property or personal property (including a farm, lot, buildings, condo, co-op, or mobile home) to $15,000.735-5/12-901; 735-5/12-906
WagesMinimum 85% of earned but unpaid weekly wages or 45 times the Federal or state minimum hourly wage (whichever is higher). Bankruptcy judge may authorize more for low-income debtors740-170/4
AutomobileUp to $2,400735-5/12-1001(c)
Other propertyHealth or disability benefits735-5/12-1001(g)(3)
Alimony and child support735-5/12-1001(g)(4)
Bible, family pictures, schoolbooks, and clothing735-5/12-1001(a)
Health aids735-5/12-1001(e)
Implements, books, and tools of trade up to $1,500735-5/12-1001(d)
Wildcard$4,000 of any personal property, except wages735-5/12-1001(b)

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Illinois bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of Illinois bankruptcy exemptions laws.

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