Illinois Bankruptcy Exemptions - IL Bankruptcy Exemptions

State Exemptions Only

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.

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