Illinois State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Updated with current exemption law data as of 2/21/06
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. Illinois law provides a number of exemptions that protect your property, and your Illinois TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
$15,000 exemption for residence (includes farm, condominium, personal property, or cooperative).
Wages
85 percent of weekly earnings are exempt.
Automobiles
$2,400 of the value of one motor vehicle.
Other Property
100 percent of the necessary wearing apparel, bible, school books, and family pictures of the debtor and the debtor's dependents; $1,500 in implements, books and tools of the trade; and $4,000 covering any other personal property of the debtor.
» Read the complete Illinois bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.