Bankruptcy Association of Southern Illinois

Home
News
Illinois Personal Exemption Proposed Amendments

Bankruptcy Association of Southern Illinois (BASIL) maintains this website exclusively for administrative and informational purposes. It is not legal or other professional advice. Information posted on this site and specifically on blog or forum posts by BASIL, by its members or by other individuals does not necessarily constitute the opinion of the Bankruptcy Association of Southern Illinois (BASIL). Viewing this site, using information from it, or communicating with BASIL or its members through this site does not create an attorney-client relationship between you, the Bankruptcy Association of Southern Illinois (BASIL) or its members. Online readers should not act or decline to act based on content from this site without first consulting an attorney or other appropriate professional. Bankruptcy Association of Southern Illinois (BASIL) expressly disclaims all liability for any actions you take or do not take based on this site's content.

Back to list

Illinois Personal Exemption Proposed Amendments

April 04, 2018 10:19 AM | Christopher Smith (Administrator)

Dear BASIL Members,

You may be interested to know that the Illinois General Assembly has pending legislation to raise personal exemptions; if passed it could have a big effect on bankruptcy practice.

HB 5480 - Amends the Code of Civil Procedure. The summary is

$10,000 exemption for vehicle equity (Instead of $2,400);

$7,500 (instead of $1,500) in value, in any implements, professional books, or tools of the trade;

$50,000 (instead of $4,000) in value, in any other property is exempt from judgment, attachment, or distress for rent;

$4,000 in each checking or savings account held by the debtor

HB 5486 - Amends the Code of Civil Procedure. The summary is

$150,000 exemption for homestead (instead of $15,000).

Comments

May 07, 2018 3:12 PM | Christopher Smith (Administrator)

Just as an update - the proposal has passed the Senate and has been referred to the House. The Senate made one amendment which clarified the type of educational accounts qualifying for exemption on the IRS Codes.

See below calendar of events:
2/7/2017 Senate Filed with Secretary by Sen. Scott M. Bennett
2/7/2017 Senate First Reading
2/7/2017 Senate Referred to Assignments
2/15/2017 Senate Assigned to Judiciary
3/8/2017 Senate Postponed - Judiciary
3/15/2017 Senate Postponed - Judiciary
3/17/2017 Senate Rule 2-10 Committee Deadline Established As April 7, 2017
3/29/2017 Senate Postponed - Judiciary
4/6/2017 Senate Postponed - Judiciary
4/6/2017 Senate Added as Chief Co-Sponsor Sen. Patricia Van Pelt
4/7/2017 Senate Rule 3-9(a) / Re-referred to Assignments
4/26/2017 Senate Added as Co-Sponsor Sen. Jennifer Bertino-Tarrant
3/14/2018 Senate Re-assigned to Judiciary
3/14/2018 Senate Senate Committee Amendment No. 1 Filed with Secretary by Sen. Scott M. Bennett
3/14/2018 Senate Senate Committee Amendment No. 1 Referred to Assignments
4/4/2018 Senate Senate Committee Amendment No. 1 Assignments Refers to Judiciary
4/10/2018 Senate Senate Committee Amendment No. 1 Adopted
4/11/2018 Senate Do Pass as Amended Judiciary; 008-000-000
4/11/2018 Senate Placed on Calendar Order of 2nd Reading April 12, 2018
4/16/2018 Senate Added as Chief Co-Sponsor Sen. Michael Connelly
4/23/2018 Senate Second Reading
4/23/2018 Senate Placed on Calendar Order of 3rd Reading April 24, 2018
4/26/2018 Senate Third Reading - Passed; 052-000-000
4/26/2018 House Arrived in House
4/26/2018 House Chief House Sponsor Rep. Kelly M. Burke
4/26/2018 House First Reading
4/26/2018 House Referred to Rules Committee

Link • Reply

Bankruptcy Association of Southern Illinois (BASIL) is an Illinois not-for-profit corporation. This website is maintained for informational and administrative purposes. It is not legal or other professional advice.