 Illinois Bankruptcy Exemptions
The State of Illinois provides that a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment or in a bankruptcy proceeding.
A debtor is permitted to claim homestead exemption up to an amount of $7,500 in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise, and occupied by him or her as a residence. If two or more individuals own property that is exempt as a homestead, the value of the exemption of each individual may not exceed his or her proportionate share of $15,000 based upon the percentage of ownership.
Personal property that may be exempt from levy or sale upon execution, writ of attachment or any process issuing out of any court in the State of Illinois may include:
- wearing apparel
- bible
- school books
- family pictures of the debtor and dependents
- equity interest in any other property not to exceed $2,000 in value
- interest in any one motor vehicle not to exceed $1,200 in value
- equity interest in any implements, professional books or tools of the trade not to exceed $750 in value
- professionally prescribed health aids
- life insurance proceeds
- social security benefits
- veteran's benefits
- disability, illness or unemployment benefits
- alimony
- retirement plan proceeds
In any bankruptcy proceeding, a resident of the State of Illinios may be prohibited from using the federal exemptions provided in Section 522(d) of the Bankruptcy Code of 1978.
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