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Illinois Bankruptcy

Exemption Court
Illinois Bankruptcy Exemption
Homestead:
Residence of any individual owned or leased up to $ 7,500 which includes proceeds for sale for 1 year.

Wages:
The greater among 85 % of the gross earning or earnings equal to 45 times the federal minimum wage per week.

Personal Asset:
Any personal effects or property up to $ 2,000.

Automobile:
One motor vehicle up to the extent of $ 1,200.

Professional Stuffs:
Professional books and tools of trade up to the extent of $ 750.

Payments on Physical Injury:
$ 7,500 is exempted in case of the debtor or the person of whom the debtor was a dependent.

Total or Absolute Exemptions for:
  • Necessary apparel, prescribed health aids.
  • Reparation awards of victims of crime.
  • Pension for Armed Forces.
  • Military Equipments owned personally by National Guards.
  • Burial sites for debtor and his/her family members.
  • Proceeds of life insurance policies and annuity contracts.
  • Social Security Benefits.
  • Public Assistance Benefits.
  • Veterans Benefits, Disability and Illness Benefits.
  • Restitution Payments.
  • Interest in a Retirement Plan Qualified under the IRC.
  • Public Employee's Retirement Plan.
  • Crime Victim's Reparation Law and Crime Victim's Awards.
  • Workmen's & Unemployment's Compensation Plan.
  • Social Service Benefits.
  • Benefits and Refunds Payable by Pension or Retirement Funds.
  • Retirement Benefits of the Library, Municipal, Park, State, Sanitary Districts employees, Firemen, Policemen, Teachers.

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