Bankruptcy Exemptions in Illinois

We Can Help You Protect Your Property!

A deterring factor for many people who are considering bankruptcy is the thought of having to give up their most valuable belongings. Vehicles, residential property, retirement benefits – won’t it all disappear by filing? By taking advantage of Illinois’ bankruptcy exemptions, this does not have to be the case. At Roxanna M. Hipple, Attorney at Law, we want to help you protect the things that matter most.

Our team of Kane County bankruptcy lawyers has nearly 35 years of experience. We are equipped to handle the many nuances of a bankruptcy filing and truly care about the outcome our clients need. Your property is important, which is why we intend to exercise every effort to keep it in your possession even after you file.

Take advantage of our expertise by filling out a free case evaluation form!

What Bankruptcy Exemptions Can I Claim when Filing in IL?

In addition to certain state exemptions, there are also exemptions offered under federal legislature. Illinois, however, does not allow bankruptcy filers to take advantage of any federal exemptions. Only state exemptions may be used. That being said, filers have numerous exemption options available to them through the state.

Some of the most common bankruptcy exemptions in Illinois include:

  • Homestead: real property up to $15,000 per individual owner and up to $30,000 for a married couple
  • Personal Property/Wildcard: unlimited exemptions for clothing, Bible, school books, and family photos. Any other personal property up to $4,000 for an individual and up to $8,000 for a married couple.
  • Motor Vehicles: up to $2,400 per individual owner and $4,800 for a married couple
  • Pensions: 100% of all pension benefits
  • Retirement Accounts: the majority of qualified plans funded through an employer are 100% exempt (i.e. 401k, 403b, IRAs, etc.)

If you file for Chapter 7, these exemptions can impact what property you can keep after filing. Exemptions in a Chapter 13 bankruptcy, however, could impact how much you would pay to certain creditors.

Our Kane County Bankruptcy Attorney is on Your Side

When you file for bankruptcy, it can seem like everyone is working against you. We want to alleviate this feeling by offering unparalleled legal support throughout the entirety of your case. As a respected law firm dedicated to helping our clients succeed, you can have confidence when our experienced team is on your side.

Don’t let a fear of the unknown stop you from filing for bankruptcy and achieving financial freedom. Contact Roxanna M. Hipple, Attorney at Law today!