| 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; professionally
prescribed health aids; life insurance proceeds; social security benefits; veteran's
benefits; disability, illness or unemployment benefits; and alimony, retirement plan
proceeds. (735 ILCS 5/12-1001, et seq.)
In any bankruptcy proceeding, a resident of the State of Illinios may be prohibited
from using the federal exemptions provided in Section 522(d) of the Bankruptcy Cde of
1978. (735 ILCS 5/12-1201) |
