94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0178

 

Introduced 1/11/2005, by Rep. Robert W. Churchill

 

SYNOPSIS AS INTRODUCED:
 
735 ILCS 5/12-901   from Ch. 110, par. 12-901

    Amends the Code of Civil Procedure. Increases the amount of the homestead exemption from $7,500 to $100,000. Provides that if 2 or more individuals own property that is exempt as a homestead, the value of the exemption of each individual may not exceed his or her proportionate share of $200,000 (instead of $15,000) based upon percentage of ownership. Effective immediately.


LRB094 03502 LCB 33505 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0178 LRB094 03502 LCB 33505 b

1     AN ACT concerning civil procedure.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Code of Civil Procedure is amended by
5 changing Section 12-901 as follows:
 
6     (735 ILCS 5/12-901)  (from Ch. 110, par. 12-901)
7     Sec. 12-901. Amount. Every individual is entitled to an
8 estate of homestead to the extent in value of $100,000 $7,500
9 of his or her interest in a farm or lot of land and buildings
10 thereon, a condominium, or personal property, owned or rightly
11 possessed by lease or otherwise and occupied by him or her as a
12 residence, or in a cooperative that owns property that the
13 individual uses as a residence. That homestead and all right in
14 and title to that homestead is exempt from attachment,
15 judgment, levy, or judgment sale for the payment of his or her
16 debts or other purposes and from the laws of conveyance,
17 descent, and legacy, except as provided in this Code or in
18 Section 20-6 of the Probate Act of 1975. This Section is not
19 applicable between joint tenants or tenants in common but it is
20 applicable as to any creditors of those persons.
21     If 2 or more individuals own property that is exempt as a
22 homestead, the value of the exemption of each individual may
23 not exceed his or her proportionate share of $200,000 $15,000
24 based upon percentage of ownership.
25 (Source: P.A. 88-672, eff. 12-14-94.)
 
26     Section 99. Effective date. This Act takes effect upon
27 becoming law.