Illinois Bankruptcy Exemptions
Only The State Exemptions are Allowed
| Homestead. 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. | $15,000
|
| Proceeds of sale of homestead | Up to one year |
Wearing apparel, bible, school books, and family pictures of the debtor and dependents; equity interest in any other property |
$2,400 |
Personal injury awards |
$15,000 |
Professionally prescribed health aids; life insurance proceeds; social security benefits; veteran's benefits; disability, illness or unemployment benefits; alimony, retirement plan proceeds |
|
Motor vehicle |
$2,400 |
Tools of trade |
$1,500 |
NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.
