Illinois Compiled Statutes 735 ILCS 5/12-1201 – Bankruptcy exemption
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/12-1201
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
In accordance with the provision of Section 522(b) of the Bankruptcy Code of 1978, (11 U.S.C. § 522(b)), residents of this State shall be prohibited from using the federal exemptions provided in Section 522(d) of the Bankruptcy Code of 1978 (11 U.S.C. § 522(d)), except as may otherwise be permitted under the laws of Illinois.