Illinois Bankruptcy Exemptions (partial list)
Illinois Homestead Exemption (735 ILCS 5/12-112)
Protects up to $15,000.00 of equity in the primary residence occupied by the debtor. If you are married and filing individually, the exemption may protect up to 100% of the equity in the marital residence if the title is held as a "Tenancy in the Entirety" and there is no joint debt.
Illinois Motor Vehicle Exemption (735 ILCS 5/12-1001(c)
Protects up to $2,400.00 of equity in a vehicle titled to the debtor.
Illinois Wildcard Exemption (735 ILCS 5/12-1001(b)
Protects up to $4,000.00 of personal property, such as household goods, electronics, bank account balances, cash, tax refunds.
Illinois Personal Injury Claim Exemption (735 ILCS 5/12 1001 (h)(2)(4))
Protects up to $15,000.00 of the net proceeds of a personal injury award or settlement.
Illinois Retirement Accounts (735 ILCS 5/2-1006)
Protects 100% of qualified retirement accounts, such as 401ks, pensions, and most IRA's.
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