badgambler
04-06-2006, 09:12 AM
EXEMPTIONS UNDER ILLINOIS LAW
(Property that cannot be taken from you, legally)
1. $15,000.00 of any individual’s interest in their residence ($30,000.00 for married couples). Proceeds from the sale of your residence are exempt for one year after receiving such proceeds; same dollar limits.
2. All of your necessary wearing apparel, school books, family pictures and Bible without a dollar limit. This applies equally to your dependents.
3. Your interest in any property not to exceed $4000.00 in value (the “Wild Card” exemption). For married couples, husband and wife each get an exemption of up to $4000.00. Property is generally valued at the current market value, or what you would actually get for it if you sold it used, right now, at a garage or yard sale or alternatively at 10% of the original purchase price.
4. Up to $2400.00 of your interest in any one motor vehicle. Husband and wife each get an exemption of up to $2400.00 in a motor vehicle for married couples. If a married couple owns only one motor vehicle, their $2400.00 exemptions may be combined for a $4800.00 exemption in the one motor vehicle Your interest is your equity in the vehicle, or the difference between the current market value of the vehicle and the balance on the auto loan.
5. Up to $1500.00 in value of your interest in any implements, professional books, or tools of your trade. Husband and wife each get this exemption as with other exemptions with dollar limits. These are valued at their current market value; what you would get for them if you sold them, for example, at a garage or yard sale or at 10% of the original purchase price.
6. Any professionally prescribed health aids for you or any of your dependents.
7. All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, parent, or other person dependent upon the insured, whether the power to change the beneficiary is reserved to the insured or not and whether the insured or the insured's estate is a contingent beneficiary or not.
8. Social Security benefits, unemployment compensation, or public assistance benefits.
9. Veteran’s, disability, illness or unemployment benefits and Worker’s Compensation Benefits.
10. Alimony, support, or separate maintenance, to the extent reasonably necessary for your support and your dependent’s support.
11. An award under a crime victim’s reparation law, a payment on account of the wrongful death of someone whom you were dependent on and a payment under a life insurance contract that insured the life of someone whom you were dependent on.
12. A payment up to $7500.00 on account of personal bodily injury to you or someone whom you depend on for support.
13. Retirement Plans. An interest in the assets held in or the right to receive pensions, annuities, benefits, distributions, refunds of contributions or other payments under a retirement plan. Retirement plans include: stock bonus, pension, profit sharing, annuity, or similar plan or arrangement, including a retirement plan for self-employed individuals or a simplified employee pension plan; a government or church retirement plan or contract; an individual retirement annuity or individual retirement account; and a public employee pension plan created under the Illinois Pension Code.
14. Any real property held in tenancy by the entirety in which you are one of the tenants. Applicable only if just one of the tenants by the entirety is filing a bankruptcy. If both husband and wife are filing a joint bankruptcy petition or if there is a judgment against both husband and wife, then the $15,000.00 exemption in your residence applies.
15. 85% of your gross weekly wages or 45 times the current Federal Minimum Hourly Wage, whichever is greater, for any work week is exempt from collection.
16. Any property belonging to a partnership in which you are a partner.
(Property that cannot be taken from you, legally)
1. $15,000.00 of any individual’s interest in their residence ($30,000.00 for married couples). Proceeds from the sale of your residence are exempt for one year after receiving such proceeds; same dollar limits.
2. All of your necessary wearing apparel, school books, family pictures and Bible without a dollar limit. This applies equally to your dependents.
3. Your interest in any property not to exceed $4000.00 in value (the “Wild Card” exemption). For married couples, husband and wife each get an exemption of up to $4000.00. Property is generally valued at the current market value, or what you would actually get for it if you sold it used, right now, at a garage or yard sale or alternatively at 10% of the original purchase price.
4. Up to $2400.00 of your interest in any one motor vehicle. Husband and wife each get an exemption of up to $2400.00 in a motor vehicle for married couples. If a married couple owns only one motor vehicle, their $2400.00 exemptions may be combined for a $4800.00 exemption in the one motor vehicle Your interest is your equity in the vehicle, or the difference between the current market value of the vehicle and the balance on the auto loan.
5. Up to $1500.00 in value of your interest in any implements, professional books, or tools of your trade. Husband and wife each get this exemption as with other exemptions with dollar limits. These are valued at their current market value; what you would get for them if you sold them, for example, at a garage or yard sale or at 10% of the original purchase price.
6. Any professionally prescribed health aids for you or any of your dependents.
7. All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance and endowment policies and annuity contracts payable to a wife or husband of the insured, or to a child, parent, or other person dependent upon the insured, whether the power to change the beneficiary is reserved to the insured or not and whether the insured or the insured's estate is a contingent beneficiary or not.
8. Social Security benefits, unemployment compensation, or public assistance benefits.
9. Veteran’s, disability, illness or unemployment benefits and Worker’s Compensation Benefits.
10. Alimony, support, or separate maintenance, to the extent reasonably necessary for your support and your dependent’s support.
11. An award under a crime victim’s reparation law, a payment on account of the wrongful death of someone whom you were dependent on and a payment under a life insurance contract that insured the life of someone whom you were dependent on.
12. A payment up to $7500.00 on account of personal bodily injury to you or someone whom you depend on for support.
13. Retirement Plans. An interest in the assets held in or the right to receive pensions, annuities, benefits, distributions, refunds of contributions or other payments under a retirement plan. Retirement plans include: stock bonus, pension, profit sharing, annuity, or similar plan or arrangement, including a retirement plan for self-employed individuals or a simplified employee pension plan; a government or church retirement plan or contract; an individual retirement annuity or individual retirement account; and a public employee pension plan created under the Illinois Pension Code.
14. Any real property held in tenancy by the entirety in which you are one of the tenants. Applicable only if just one of the tenants by the entirety is filing a bankruptcy. If both husband and wife are filing a joint bankruptcy petition or if there is a judgment against both husband and wife, then the $15,000.00 exemption in your residence applies.
15. 85% of your gross weekly wages or 45 times the current Federal Minimum Hourly Wage, whichever is greater, for any work week is exempt from collection.
16. Any property belonging to a partnership in which you are a partner.