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| Alternative to Harsh Illinois Bankruptcy Laws | ||||||||||||||||
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| Illinois Bankruptcy Laws | ||||||||||||||||
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The following is a list of the exemptions available to Illinois residents who file Chapter 7 bankruptcy. This assumes that only one person is filing bankruptcy and any and all property is only in their name. Anything that is not on this list is not exempt, and therefore you should assume that if it is of any value, it may be liquidated if you file bankruptcy. You should consult an
Illinois bankruptcy lawyer if you want more information about your particular case. Illinois Bankruptcy and Real Estate, Automobiles, Ect. -Real or personal property including a farm, lot, & buildings, condo, or mobile home to $7,500 -motor vehicle to $1,200 -any personal property to $2,000 (wildcard exemption: Illinois residents can apply this amount to any property they want) Illinois Bankruptcy and Retirement Accounts -tax-exempt retirement accounts, including S, 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP, and defined-benefit plans -Traditional and Roth IRA to $1,000,000 -Civil service employees' pension -County employees' pension -Disabled firefighters' pension -Widows and children of firefighters' pension -Firefighters' pension -General assembly members' pension -House of correction employees' pension -Judges' pension -Municipal employees' pension -Park employees' pension -Police officers' pension -Public library employees' pension -Sanitation district employees' pension -State employees' pension -State university employees' pension -Teachers' pension Illinois Bankruptcy and your Personal Possessions -Bible -Family pictures -Schoolbooks -Clothing (this must be reasonable. If you have a mink coat, it's possible the bankruptcy court will force you to sell it.) -Health aids -Personal injuries recoveries up to $15,000 -Pre-need cemetery sales funds, care funds, and trust funds -Pre-paid tuition trust fund -Proceeds of sold exempt property -Wrongful death recoveries Illinois Bankruptcy and Public Benefits -Social Security -Aid to aged, blind, disabled, public assistance -Veteran benefits -Crime victims' compensation -Restitution payments on account of WWII relocation of Aleuts & Japanese-Americans -Workers' compensation -Workers' occupational disease compensation Illinois Bankruptcy and Tools of Trade -implements, books, and tools of trade to $1500 Illinois Bankruptcy and Wages -minimum of 85% of earned but unpaid weekly wages; or 45 times the federal or Illinois minimum wage, whichever is higher |
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