Exempt Property
 

 

 

 

 
 
 
 
 

 Paul G. Chiligiris, Attorney at Law
 Johnson, Stricklin, 
 Waller &  Chiligiris 
 412 South Franklin Street
 Decatur, IL 62523-1388

 Tel: 217-422-2280
 Fax: 217-422-0622
 Email: paul@chiligiris.com
 Web: www.chiligiris.com

 


The following personal property, owned by the debtor, is exempt from judgment, attachment, or distress for rent:

A. The necessary wearing apparel, bible, school books, and family pictures of the debtor and the debtor's dependents:

B. The debtor's equity interest, not to exceed $2,000.00 in value, in any other property;

C. The debtor's equity interest, not to exceed $1,200.00 in value, in any one motor vehicle;

D. The debtor's equity interest, not to exceed $750.00 in value, in any implements, professional books, or tools of the trade of the debtor;

E. Professionally prescribed health aids for the debtor or a dependent of the debtor:

F. All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance and endowment polices and annuity contracts payable to wife or husband of the insured, or to a child, parent, or other person dependent upon the insured, whether the power to change the beneficiary is reserved to the insured or not and whether the insured or the insured's estate is a contingent beneficiary or not;

G. The debtor's right to receive:

  1. A social security benefit, unemployment compensation, or public assistance;
  2. A veteran's benefit;
  3. A disability, illness or unemployment benefit; and
  4. Alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.

H. The debtor's right to receive, or property that is traceable to:

  1. An award under a crime victim's reparation law;
  2. A payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor;
  3. A payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor or a dependent of the debtor;
  4. A payment, not to exceed $7,500.00 in value, on account of personal bodily injury of the debtor or an individual of whom the debtor was a dependent; and
  5. Any restitution payments made to persons pursuant to the federal Civil Liberties Act of 1988 and the Aleutian and Pribil of Island Restitution Act.


If you file with your spouse, you both get the exemptions listed above. Most retirement plans are exempt from collection.

If you desire further information on the Federal Bankruptcy Code, please e-mail me or contact me by phone at (217)422-2280.

 

- Bankruptcy
- What is the bankruptcy discharge and how does it operate?
- What is the reaffirmation agreement
- Exempt property

 


| Homepage | Firm Overview | Practice Areas | Attorneys | Resource Center | Contact us |
© 2000 - 2005 Paul G. Chiligiris - All rights reserved