Illinois Bankruptcy Exemptions
Unless otherwise noted, all law references are to the Illinois Compiled Statutes Annotated.
735-5/12-901 - Real or personal property, including farms, lots, builidings, condos, co-ops or mobile homes up to $15,000. Spouse or child of deceased owner can claim homestead (735-5/12-902). Sale proceeds up to 1 year (735-5/12-906). With some limitations, Illinois recognizes tenancy by the entirety (750-65/22).
110-979/45(g) - Prepaid tuition trust funds.
235-5/6-1 - Pre-need cemetery sales funds, care funds, and trust funds.
735-5/12-1001 - Motor vehicle up to $2,400; clothing needed; health aids; school books; family pictures; bible; personal injury recoveries up to $15,000; wrongful death recoveries; proceeds from sale of exempt property; Illinois College Savings Pool accounts that were invested more than 1 year before filing if below federal gift tax limit, or 2 years before filing if above the federal gift tax limit.
735-5/12-803 - Either a minimum 85% of earned but unpaid wages or 45 timest the higher of the state and federal minimum hourly wage, whichever is greater. Judge may approve more for low income debtor. Some judges may not allow the wage exemption. (See note at beginning of article).
11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).
11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.
40-5/2-154 - General assembly members.
40-5/3-144.1 & 40-5/5-218 - Police officers.
40-5/4-135 & 40-5/6-213 - Firefighters.
40-5/7-217 & 40-5/8-244 - Municipal employees.
40-5/9-228 - County employees.
40-5/11-223 - Civil service employees.
40-5/12-190 - Park employees.
40-5/13-805 - Sanitation district employees.
40-5/14-147 - State employees.
50-5/15-185 - State university employees.
50-5/16-190 & 40-5/17-151 Teachers.
40-5/18-161 - Judges.
40-5/19-117 - House of correction employees.
40-5/19-218 - Public library employees.
40-5/22-230 - Disabled firefighters, and widows and children of firefighters.
735-5/12-1006 - ERISA-qualified benefits and IRAs. As well as public employees.
305-5/11-3 - Aid to blind, aged, and disabled; public assistance.
735-5/12-1001 - Veterans' benefits; Social Security; unemployment compensation; crime victims' compensation; restitution payments for World War II relocation of Japanese Americans and Aleuts.
820-305-21 - Workers' compensation.
820-310/21 - Workers' occupational disease compensation.
Tools of Trade
735-5/12-1001 - Tools, books, and implements of trade up to $1,500.
Alimony and Child Support
735-5/12-1001 - Alimony and child support needed for support.
215-5/238 - Life insurance, annuity, or cash value if beneficiary is spouse, child, parent, or other dependent of the beneficiary.
215-5/299.1a - Fraternal benefit society benefits.
735-5/12-907 - Homeowners' insurance proceeds for destroyed home, up to $15,000.
735-5/12-1001 - Health and disability benefits; life insurance proceeds needed for support if beneficiary is spouse or child.
805-205/25 - Business partnership property.
Any other personal property up to $4,000 (not including wages).