Illinois Bankruptcy Exemptions

On this page you can find all of the exemptions for Illinois. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Residence or homestead of individual. Includes farm, lot + buildings, condominium, personal property or cooperative. Can be owned or leased.
$15,000 per person (includes proceeds of sale for 1 year under 735 ILCS 5/12-906)
735 Ill. Comp. Stat. § 5/12-901 & 902
Motor Vehicle
One motor vehicle
$2,400
735 Ill. Comp. Stat. § 5/12-1001(c)
Wild Card
Any personal property of debtor
$4,000
735 Ill. Comp. Stat. § 5/12-1001(b)
Wages / Wage Garnishment
Gross earnings or disposable earnings (disposable earnings are gross earnings less deductions required by law)
85% of gross earnings, OR disposable earnings equal to 45 times the federal minimum hourly wage per week, WHICHEVER IS GREATER
735 Ill. Comp. Stat. § 5/12-803
Insurance
Proceeds & cash value of life or endowment insurance policy or annuity contract payable to insured's spouse or dependent
100% (applies against creditors of insured)
215 Ill. Comp. Stat. §5/238
Insurance
Life insurance payments from policy insuring person of whom debtor was a dependent
Amount reasonably necessary to support debtor and dependents
735 Ill. Comp. Stat. § 5/12-1001(h)(3)
Insurance
Proceeds and cash value of life insurance policies and annuity contracts payable to dependent of insured or trust for benefit of wife, husband, or dependents of insured
100%
735 Ill. Comp. Stat. § 5/12-1001(f)
Insurance
Debtor's right to receive restitution under Federal Civil Liberties Act of 1988 or the Aleutian and Pribilof Island Restitution Act
100%
735 Ill. Comp. Stat. § 5/12-1001(h)(5)
Insurance
Medical malpractice awards
100%
735 Ill. Comp. Stat. §5/2-1716
Insurance
Fraternal Benefit Society benefits
100%
215 Ill. Comp. Stat. §5/299.la
Personal Property
Payments on account of bodily injury of debtor or person of whom debtor was a dependent
$15,000
735 Ill. Comp. Stat. § 5/12-1001(h)(4)
Personal Property
Wrongful death payments resulting from death of person of whom debtor was a dependent
Amount reasonably necessary to support debtor and dependents
735 Ill. Comp. Stat. § 5/12-1001(h)(2)
Personal Property
Necessary wearing apparel, bible, school books, family pictures and prescribed health aids of debtor & dependents
100%
735 Ill. Comp. Stat. § 5/12-1001 (a), (e)
Personal Property
Title certificate for a boat longer than 12 ft.
100%
625 Ill. Comp. Stat. § 45/3A-7(d)
Pensions / Retirement Accounts
State university employee retirement fund
100%
40 Ill. Comp. Stat. §5/15-185,5/2-154
Pensions / Retirement Accounts
Judges' state retirement benefits
100%
40 Ill. Comp. Stat. §5/18-161
Pensions / Retirement Accounts
Laborer and retirement board employee retirement fund
100%
40 Ill. Comp. Stat. §5/11-223
Pensions / Retirement Accounts
Benefits and refunds payable by pension or retirement funds or systems and assets of employees held by such funds or systems and payments made to such funds or systems
100%
735 Ill. Comp. Stat. § 5/12-704
Pensions / Retirement Accounts
Pension and retirement benefits of the following: firemen, house of correction employees, library employees, municipal employees, park employees, policemen, sanitary district employees, state employees, teachers
100%
40 Ill. Comp. Stat. § 5/22-230,4-135, 6-213, 19-117,19-218, 8-244, 7-217, 12-190,3-144.1,5-218, 13-805, 14-147, 16-190,17-151
Pensions / Retirement Accounts
Debtor's interest in a retirement plan qualified under the Internal Revenue Code or a public employee pension plan
100%
735 Ill. Comp. Stat. § 5/12-1006
Tools of the Trade
Uniforms, arms of a member of the national guard
100%
20 Ill. Comp. Stat. § 1805/10
Tools of the Trade
Implements, books & tools of trade
$1,500
735 Ill. Comp. Stat. § 5/12-1001(d)
Public Benefits
Unemployment compensation benefits
100% (support claims excepted)
820 Ill. Comp. Stat. § 405/1300(B)
Public Benefits
Workmen's compensation benefits
100%
820 Ill. Comp. Stat. § 305/21
Public Benefits
Crime victim's reparation law awards and crime victims awards
100%
735 Ill. Comp. Stat. § 5/12-1001(h)(l), (i)
Public Benefits
Social Security benefits, unemployment compensation benefits, public assistance benefits, veteran's benefits, and disability and illness benefits
100%
735 Ill. Comp. Stat. § 5/12-1001(g)(l),(2), (3)
Public Benefits
Awards for occupational diseases
100%
820 Ill. Comp. Stat. §310/21
Public Benefits
Awards for occupational diseases
100%
820 Ill. Comp. Stat. §310/21
Public Benefits
Social Services benefits
100%
305 Ill. Comp. Stat. § 5/11-3
Miscellaneous
Property held in trust for debtor
100%
735 Ill. Comp. Stat. § 5/2-1403
Miscellaneous
Specific partnership property
100% of partner's interest
805 Ill. Comp. Stat. § 206/501
Miscellaneous
Restitution payments made under 50 U.S.C. App. 1989b, 1989c
100%
735 Ill. Comp. Stat. § 5/12-1001 (g)(5)
Miscellaneous
Alimony, support or separate maintenance
Amount reasonably necessary to support debtor & dependents
735 Ill. Comp. Stat. § 5/12-1001 (g)(4)
Tuition Savings Account
Moneys held in Illinois College Savings Pool
100%
15 Ill. Comp. Stat. §505/16.5 & 735ILCS § 5/12-1001(j)

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