Illinois Bankruptcy Laws

Up to $15,000

Personal Property

Prepaid tuition trusts; burial plots; motor vehicles up to $2,400; clothing; health aids; books; family heirlooms; personal injury recoveries up to $15,000; wrongful death recoveries; other property up to $4,000

Wages

At least 85% of wages earned but not paid or 45 times the higher of state and federal hourly minimum wage, whichever is greater

Pensions

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000/person; general assembly members; police; firefighters; municipal, county, civil service, park, sanitation district, state, and state university employees; teachers; judges; house of correction employees; public library employees; disabled firefighters; widows and children of firefighters; ERISA-qualified benefits and IRAs

Public Benefits

Aid to blind, aged, and disabled; public assistance; veterans’ benefits; Social Security; unemployment; crime victims’ compensation; worker’s comp

Tools of the Trade

Up to $1,500

Insurance

Life insurance annuity, or cash value in some circumstances; fraternal benefits; homeowner’s insurance proceeds for homes destroyed, up to $15,000; health and disability benefits