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Illinois Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, Legal Helpers can use Illinois state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Illinois bankruptcy exemptions that we can use to help keep creditor's hands off your cherished possessions. The Illinois bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. For more information contact the Illinois bankruptcy attorneys of Legal Helpers.

Homestead Illinois Bankruptcy Exemptions

We can use these Illinois bankruptcy exemptions to protect up to $7,500 in equity in your house per person, maximum of $15,000. Unfortunately we can't use this Illinois exemption to protect a rental property or a house you are not living in.

Motor Vehicle Illinois Bankruptcy Exemptions/h4>

Legal Helpers can use this Illinois bankruptcy exemption to protect $1,200 in value of any one motor vehicle listed in your U.S. federal bankruptcy. Additionally, if you file the bankruptcy with a spouse we can use both vehicle exemptions to protect up to $2,400 in vehicle equity as long as both you and your spouse are on the title to the car.

Clothing, Textbooks, Bible, Family Pictures Illinois Bankruptcy Exemptions

This bankruptcy exemption allows Legal Helpers to protect 100% of your interest in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds Illinois Bankruptcy Exemptions

Under this Illinois exemption we can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Alimony, Support Illinois Bankruptcy Exemptions

Legal Helpers may also be able to exempt alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.

Proceeds of Sale of Homestead Illinois Bankruptcy Exemptions

Along with Homestead Illinois Bankruptcy Exemptions mentioned above, we may also exempt proceeds if you sell your home within one year prior to the U.S. federal bankruptcy.

Qualified Retirement Plan Illinois Bankruptcy Exemptions

Legal Helpers can prevent creditors from touching the proceeds of your hard-earned retirement plan. We can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books Illinois Bankruptcy Exemptions

This is a useful exemption that we use to protect up to $750 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Illinois Bankruptcy Exemptions

Legal Helpers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Illinois Bankruptcy Exemptions

We can protect 100% of compensation you receive under Illinois workers' compensation laws. Legal Helpers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Illinois, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

WWildcard Illinois Bankruptcy Exemptions (Any Personal Property of Debtor)

Last, but probably most important of the exemptions is the Wildcard Exemption. Using the Wildcard Exemption in your U.S. federal bankruptcy case, Legal Helpers can protect up to $2000 of any type of personal property. We can protect anything you own that has equity in excess of the above Illinois bankruptcy exemptions.

Learn more about Indiana bankruptcy exemptions.