Illinois Bankruptcy Laws

You are allowed to use the federal supplemental exemptions along with the specific exemptions, as mentioned under the Illinois bankruptcy laws. The various bankruptcy courts in Illinois are spread all over the states, at dozens of locations, categorized in three sections as per the location – Illinois Central District Court, Illinois Northern District Court, and Illinois Southern District Court.

Exemptions Under The Illinois Bankruptcy Laws

Following properties and funds are allowed to be exempted under the Illinois bankruptcy laws:

•The amount exempted under the homestead exemptions is up to the maximum limit of seventy-five hundred dollars. The homestead properties include real properties; mobile properties manufactured properties, farms, condominiums, co-op etc. However, in case of a married couple this amount gets doubles.
•Under the personal properties section of Illinois bankruptcy laws, cars and other motor vehicles are allowed to be exempted up to the amount of 1200 dollars, in total.
•Under the Illinois bankruptcy laws, you can also exempt personal injury recoveries for up to the value of seventy-five thousand dollars.
•Bible, family portraits, etc are also exemptible.
•The Illinois bankruptcy laws have specifically mentioned schoolbooks as exemptible properties. It means, you may not be able to exempt all kinds of books after the bankruptcy court has declared you as bankrupt.
•The pension funds are also allowed to be exempted under the Illinois bankruptcy laws. There is a long list of eligible individuals in this regard:
◦County employees
◦Civil service employees
◦Park employees
◦Sanitation district employees
◦State university employees
◦Police officers
◦Municipal employees
◦House of correction employees
◦Disabled firefighters; widows and children of firefighters
•Tools of trade may include some books and other associated properties, but they are exempted only up to the amount of 750 dollars in total.
•Wild Card exemptions include some personal properties under the Illinois bankruptcy laws, but only up to the amount of two thousand dollars.