Debt Relief Solutions- Understanding Illinois Laws about Bankruptcy
Illinois bankruptcy laws for those residents who file Chapter 7 bankruptcy include exemptions as long as the person filing is a single person and the property is in their name only. This list is complete and anything not on this list will be liquidated if it has any value. If you are seeking more information about a specific case, you need to consult a bankruptcy lawyer for assistance.
Real Estate and Vehicles
-Cars and vehicles up to $1200
-Real estate that has value up to $7,500
-Wildcard: personal property that is valued up to $2,000
Retirement Accounts
-$1,000,000 worth of traditional or Roth IRA
-Pension for civil service employees, county employees, disabled firefighters, widows and children of firefighters, firefighters, general assembly members, house of correction employees, judges, municipal employees, park employees, public library employees, police officers, sanitation employees, state employees, state university employees, and teachers.
-Retirement accounts that are tax exempt: S, 401(k), 403(b), SEP, money purchase plans, profit-sharing, and defined benefit accounts
Personal Property/Possessions
-Family photos
-Bibles
-School textbooks
-Clothing
-Health needs
-Funds from personal injury up to $15,000
-Tuition trust funds
-Wrongful death funds
-Sold exempt property proceeds
-Trust funds, cemetery funds, care funds, etc.
Public Benefits
-Public assistance
-Social security
-Veteran's benefits
-Compensation for crime victims
-WWII restitution for Aleuts and Japanese-Americans
-Occupational disease compensation
-Worker's compensation
Trade Tools
-implements, tools, and books up to $1,500
Wages
-45 times the federal or state minimum wage, or four-fifths of the earned but unpaid wages, depending on which is higher.