There are several exemptions under Chapter 20 Bankruptcy in Chicago, IL. An exemption is a protection of your assets against creditors. There can be both state and federal exemptions under Chapter 20 Bankruptcy law.
In order to qualify to use exemptions in Chicago, IL you must have lived within Illinois for a minimum of 730 before filing for bankruptcy. If you have not lived in Illinois for 730 days, you would use your previous state’s exemptions when filing your bankruptcy case.
Some of the exemptions for debtors living in Chicago, IL are…
Wildcard exemption,
Motor vehicle exemption, and
Homestead exemption.