This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Bankruptcy Exemption in Illinois

Illinois law provides a homestead exemption of $214,000, as set by 735 ILCS 5/12-901 and 5/12-1001. This exemption protects equity in a debtor’s primary residence from creditors in bankruptcy or collection proceedings. The exemption applies automatically to a dwelling and the land it occupies, subject to conditions and exceptions detailed in the statutes. Additional exemptions for personal property, wages, and retirement accounts are governed by 735 ILCS 5/12-803, 5/12-1006, and 5/12-1201, while 765 ILCS 1005/1c covers tenancy by the entirety protections. Federal exemptions under 11 U.S.C. § 522 are also available but cannot be combined with Illinois exemptions. The worked example below illustrates how the $214,000 figure is applied. Use the DocketMath calculator to estimate exemptions based on your specific circumstances.

Governing authority

In Illinois, the bankruptcy exemption rule is set by 735 ILCS 5/12-901, 5/12-1001, 5/12-803, 5/12-1006, 5/12-1201; 765 ILCS 1005/1c; 11 U.S.C. § 522. The verified packet cites 735 ILCS 5/12-901, 5/12-1001, 5/12-803, 5/12-1006, 5/12-1201; 765 ILCS 1005/1c; 11 U.S.C. § 522 (https://ilga.gov/documents/legislation/ilcs/documents/073500050K12-1001.htm).

Illinois bankruptcy exemption: the verified value is $214,000 under 735 ILCS 5/12-901, 5/12-1001, 5/12-803, 5/12-1006, 5/12-1201; 765 ILCS 1005/1c; 11 U.S.C. § 522. The verified packet cites 735 ILCS 5/12-901, 5/12-1001, 5/12-803, 5/12-1006, 5/12-1201; 765 ILCS 1005/1c; 11 U.S.C. § 522 (https://ilga.gov/documents/legislation/ilcs/documents/073500050K12-1001.htm).

Estimate your own result: every situation has exceptions that can change the outcome. Use the bankruptcy exemption calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.