Running Your Business
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Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in Illinois.
Homestead: Real property up to $15,000 in residence, farm, lot and buildings, condo, or co-op. Co-owners cannot claim total exemption of more than $30,000 total. Proceeds from sale exempt 1 year from date of sale.
Pensions and Retirement Benefits: ERISA-qualified plans exempt. Funds exempted for civil service employees, county employees, disabled firefighters, widows and children of firefighters, general assembly members, municipal employees, police officers, firefighters, state university employees and teachers. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.
Insurance: Health or disability benefits. Homeowner's proceeds for destroyed home, up to $15,000. Life insurance and annuity proceeds if beneficiary is insured's child, parent, spouse or other dependent, or if a clause prohibits payments to creditors. Life insurance proceeds if cannot be used to pay beneficiary's creditors. Life insurance proceeds needed for support. Fraternal society benefits.
Personal Property: Family pictures, schoolbooks, clothing. Motor vehicle up to $2,400. Personal injury recoveries to $15,000. Wrongful death recoveries needed for support. Exempt property proceeds.
Tools of Trade: Tools and implements up to $1,500.
Miscellaneous: Alimony. Child support. Business partnership property.
Wages: Minimum 85% of earned but unpaid wages.
Public Benefits: Workers' compensation. Unemployment compensation. Veteran's benefits. Aid to aged, blind and disabled. AFDC. Crime victim's compensation. Social Security.
Wild Card: $4,000 of any personal property.