What are Illinois Bankruptcy Exemptions?
Major exemptions available when filing for bankruptcy in Illinois are listed below, with a brief description of each exemption. Illinois has opted not to allow its residents to utilize the federal exemptions, so only Illinois statutes that define and list the exemptions can be used. A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed. • Homestead (equity in dwelling used as residence) – Up to $7,500 in value (double if married) • Equity in automobile – Up to $1,200 in value in one motor vehicle • Personal property – Household items (Family pictures, school supplies, clothes, etc.) – Equity interest in any other property up to $2,000 in value – Title to boat over 12 feet long • Tools of the trade – Up to $750 in value • Insurance – Disability benefits – Unmatured life insurance is also usually exempt, but exceptions apply • Pensions – ERISA qualified benefits needed for support – County employees (includ
