Full Text of SB1246 100th General Assembly
SB1246eng 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 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 12-1001 as follows:
| 6 | | (735 ILCS 5/12-1001)
(from Ch. 110, par. 12-1001)
| 7 | | Sec. 12-1001. Personal property exempt. The following | 8 | | personal property,
owned by the debtor, is exempt from | 9 | | judgment, attachment, or distress for rent:
| 10 | | (a) The necessary wearing apparel, bible, school | 11 | | books, and family
pictures of the debtor and the debtor's | 12 | | dependents;
| 13 | | (b) The debtor's equity interest, not to exceed $4,000 | 14 | | in
value, in any
other property;
| 15 | | (c) The debtor's interest, not to exceed $2,400
in | 16 | | value,
in any one motor
vehicle;
| 17 | | (d) The debtor's equity interest, not to exceed $1,500 | 18 | | in
value,
in any
implements, professional books, or tools | 19 | | of the trade of the debtor;
| 20 | | (e) Professionally prescribed health aids for the | 21 | | debtor or a dependent of
the debtor;
| 22 | | (f) All proceeds payable because of the death of the | 23 | | insured and the
aggregate net cash value of any or all life |
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| 1 | | insurance and endowment
policies and annuity contracts | 2 | | payable to a wife or husband of the insured,
or to a child, | 3 | | parent, or other person dependent upon the insured, or to a | 4 | | revocable or irrevocable trust which names the wife or | 5 | | husband of the insured or which names a child, parent, or | 6 | | other person dependent upon the insured as the primary | 7 | | beneficiary of the trust, whether
the power to change the | 8 | | beneficiary is reserved to the insured or not and
whether | 9 | | the insured or the insured's estate is a contingent | 10 | | beneficiary or not;
| 11 | | (g) The debtor's right to receive:
| 12 | | (1) a social security benefit, unemployment | 13 | | compensation, or public
assistance benefit;
| 14 | | (2) a veteran's benefit;
| 15 | | (3) a disability, illness, or unemployment | 16 | | benefit; and
| 17 | | (4) alimony, support, or separate maintenance, to | 18 | | the extent reasonably
necessary for the support of the | 19 | | debtor and any dependent of the debtor.
| 20 | | (h) The debtor's right to receive, or property that is | 21 | | traceable to:
| 22 | | (1) an award under a crime victim's reparation law;
| 23 | | (2) a payment on account of the wrongful death of | 24 | | an individual of whom
the debtor was a dependent, to | 25 | | the extent reasonably necessary for the support
of the | 26 | | debtor;
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| 1 | | (3) a payment under a life insurance contract that | 2 | | insured the life of
an individual of whom the debtor | 3 | | was a dependent, to the extent reasonably
necessary for | 4 | | the support of the debtor or a dependent of the debtor;
| 5 | | (4) a payment, not to exceed $15,000 in value, on | 6 | | account
of personal
bodily injury of the debtor or an | 7 | | individual of whom the debtor was a
dependent; and
| 8 | | (5) any restitution payments made to persons | 9 | | pursuant to the federal
Civil Liberties Act of 1988 and | 10 | | the Aleutian and Pribilof Island
Restitution Act, P.L. | 11 | | 100-383.
| 12 | | For purposes of this subsection (h), a debtor's right | 13 | | to receive an award
or payment shall be exempt for a | 14 | | maximum of 2 years after the debtor's right
to receive the | 15 | | award or payment accrues; property traceable to an
award or | 16 | | payment shall be exempt for a maximum of 5 years after the | 17 | | award
or payment accrues; and an award or payment and | 18 | | property traceable
to an award or payment shall be exempt | 19 | | only to the extent of the amount
of the award or payment, | 20 | | without interest or appreciation from the date
of the award | 21 | | or payment.
| 22 | | (i) The debtor's right to receive an award under Part | 23 | | 20 of Article II of
this Code relating to crime victims' | 24 | | awards.
| 25 | | (j) Moneys held in an account invested in the Illinois | 26 | | College Savings Pool of which the debtor is a participant |
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| 1 | | or donor and funds invested in an ABLE Account as defined | 2 | | by Section 529 of the Internal Revenue Code , except the | 3 | | following non-exempt contributions: | 4 | | (1) any contribution to such account by the debtor | 5 | | as participant or donor that is made with the actual | 6 | | intent to hinder, delay, or defraud any creditor of the | 7 | | debtor; | 8 | | (2) any contributions to such account by the debtor | 9 | | as participant during the 365 day period prior to the | 10 | | date of filing of the debtor's petition for bankruptcy | 11 | | that, in the aggregate during such period, exceed the | 12 | | amount of the annual gift tax exclusion under Section | 13 | | 2503(b) of the Internal Revenue Code of 1986, as | 14 | | amended, in effect at the time of contribution; or | 15 | | (3) any contributions to such account by the debtor | 16 | | as participant during the period commencing 730 days | 17 | | prior to and ending 366 days prior to the date of | 18 | | filing of the debtor's petition for bankruptcy that, in | 19 | | the aggregate during such period, exceed the amount of | 20 | | the annual gift tax exclusion under Section 2503(b) of | 21 | | the Internal Revenue Code of 1986, as amended, in | 22 | | effect at the time of contribution. | 23 | | For purposes of this subsection (j), "account" | 24 | | includes all accounts for a particular designated | 25 | | beneficiary, of which the debtor is a participant or donor.
| 26 | | Money due the debtor from the sale of any personal property |
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| 1 | | that was
exempt from judgment, attachment, or distress for rent | 2 | | at the
time of the sale is exempt from attachment and | 3 | | garnishment to the same
extent that the property would be | 4 | | exempt had the same not been sold by
the debtor.
| 5 | | If a debtor owns property exempt under this Section and he | 6 | | or she purchased
that property with the intent of converting | 7 | | nonexempt property into exempt
property or in fraud of his or | 8 | | her creditors, that property shall not be
exempt from judgment, | 9 | | attachment, or distress for rent. Property acquired
within 6 | 10 | | months of the filing of the petition for bankruptcy shall be | 11 | | presumed
to have been acquired in contemplation of bankruptcy.
| 12 | | The personal property exemptions set forth in this Section | 13 | | shall apply
only to individuals and only to personal property | 14 | | that is used for personal
rather than business purposes. The | 15 | | personal property exemptions set forth
in this Section shall | 16 | | not apply to or be allowed
against any money, salary, or wages | 17 | | due or to become due to the debtor that
are required to be | 18 | | withheld in a wage
deduction proceeding under Part 8 of this
| 19 | | Article XII.
| 20 | | (Source: P.A. 97-1030, eff. 8-17-12.)
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