ILLINOIS BANKRUPTCY LAW
Illinois bankruptcy: Attorney, Statistics, Exemptions and Courts.
Illinois Bankruptcy Statistics: In 2009, in the state of Illinois, 74,244 bankruptcies were filed. Personal bankruptcies accounted for the majority at 71,778 or 96.68%, and business bankruptcies accounted for 2,466 or 3. 32%.
Illinois State Bankruptcy Exemptions:
The home is exempt when filing for bankruptcy, whether the home is a real property such as a farm or a house, or whether it is a personal property such as a mobile or a manufactured home. The exception is limited to $15,000 for a single person and $30,000 for a married couple. In certain limited circumstances, when the debt belongs exclusively to one of the spouses, and the home is owned as a tenancy by the entirety, the home may be wholly protected in bankruptcy. Spouse or children of the deceased homeowner may claim this exemption.
The proceeds from the sale of the home continue to be exempt for one year after the sale occurred. Also if the home is destroyed, the payout from the insurance is exempt according to the same limitations that would have been placed on the home.
The following items are exempt in their entirety:
The following exemptions are limited to a statutorily specified amount:
When filing bankruptcy in Illinois, the following insurance policies are exempt:
Federal bankruptcy exemptions apply in Illinois to pensions, even though in general federal exemptions do not apply. Also, IRAs and ERISA-qualified pensions are exempt.
The following individuals’ pensions are entirely exempt:
The following benefits are exempt entirely:
Child support and alimony payments are exempt in their entirety when filing for bankruptcy in Illinois.
Business properties, when the debtor is a partner in the business, are exempt.
Tools of the Trade
In an Illinois bankruptcy proceeding, books, implements and tools are exempt for up to $15,000.
Wages earned, but not paid, are exempt at either 85% of the income or 45 times the state or federal minimum wage, whichever is higher. A judge had discretion to allow for a higher exemption for low income debtors.
Any personal property may be exempt for an additional $4000.
Federal Bankruptcy Exemptions: Yes
Illinois Bankruptcy Courts:
United States Bankruptcy Court in Eastern District of Michigan
United States Bankruptcy Court in the Central District of Illinois has jurisdiction over the following counties: Adams, Brown, Bureau, Cass, Champaign, Christian, Coles, De Witt, Douglas, Edgar, Ford, Fulton, Greene, Hancock, Henderson, Henry, Iroquois, Kankakee, Knox, Livingston, Logan, Macon, Macoupin, Marshall, Mason, McDonough, Mclean, Menard, Mercer, Montgomery, Morgan, Moultrie, Peoria, Piatt, Pike, Putnam, Rock Island, Sangamon, Schuyler, Scott, Shelby, Stark, Tazewell, Vermilion, Warren, Woodford.
United States Bankruptcy Court in the Northern District of Illinois has jurisdiction over the following counties: Boone, Carroll, Cook, Dekalb, Du Page, Grundy, Jo Daviess, Kane, Kendall, Lake, La Salle, Lee, McHenry, Ogle, Stephenson, Whiteside, Will, Winnebago.
United States Bankruptcy Court in the Southern District of Illinois has jurisdiction over the following counties: Alexander, Bond, Calhoun, Clark, Clay, Clinton, Crawford, Cumberland, Edwards, Effingham, Fayette, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jasper, Jefferson, Jersey, Johnson, Lawrence, Madison, Marion, Massac, Monroe, Perry, Pope, Pulaski, Randolph, Richland, St. Claire, Saline, Union, Wabash, Washington, Wayne, White, Williamson.