In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
The State of Illinois permits a judgment debtor to claim homestead exemption up to an amount of $7,500 in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise, and occupied by him or her as a residence. 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. (735 ILCS 5/12-901)
Personal property which may be exempt from levy or sale upon execution, writ of attachment or any process issuing out of any court in the State of Illinois may include:
wearing apparel, bible, school books, and family pictures of the debtor and dependents; equity interest in any other property not to exceed $2,000 in value;
interest in any one motor vehicle not to exceed $1,200 in value;
equity interest in any implements, professional books, or tools of the trade not to exceed $750 in value;
Personal injury awards $7,500;
Proceeds of sale of homestead $7,500;
professionally prescribed health aids;
life insurance proceeds;
social security benefits;
veteran's benefits; disability,
illness or unemployment benefits;
alimony,
retirement plan proceeds. (735 ILCS 5/12-1001, et seq.)
The State of Illinois permits a judgment debtor to claim homestead exemption up to an amount of $7,500 in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise, and occupied by him or her as a residence. 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. (735 ILCS 5/12-901)
Personal property which may be exempt from levy or sale upon execution, writ of attachment or any process issuing out of any court in the State of Illinois may include:
wearing apparel, bible, school books, and family pictures of the debtor and dependents; equity interest in any other property not to exceed $2,000 in value;
interest in any one motor vehicle not to exceed $1,200 in value;
equity interest in any implements, professional books, or tools of the trade not to exceed $750 in value;
Personal injury awards $7,500;
Proceeds of sale of homestead $7,500;
professionally prescribed health aids;
life insurance proceeds;
social security benefits;
veteran's benefits; disability,
illness or unemployment benefits;
alimony,
retirement plan proceeds. (735 ILCS 5/12-1001, et seq.)