ILCS » Chapter 735 · Act 5
Illinois Compiled Statutes

735 ILCS 5/12-906 (2026)

Proceeds of sale

✓ current as of May 2026
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(735 ILCS 5/12-906) (from Ch. 110, par. 12-906)
    Sec. 12-906. Proceeds of sale. When a homestead is conveyed by the owner thereof, such conveyance shall not subject the premises to any lien or incumbrance to which it would not be subject in the possession of such owner; and the proceeds thereof, to the extent of the amount of $50,000 for premises owned by an individual owner or $100,000 for premises owned by 2 or more individual owners, shall be exempt from judgment or other process, for one year after the receipt thereof, by the person entitled to the exemption, and if reinvested in a homestead the same shall be entitled to the same exemption as the original homestead.
(Source: P.A. 104-120, eff. 1-1-26.)

    
Notes of Decisions
Cited in 6 cases, 1994–2020 · leading case: In re Awayda, 574 B.R. 692 (Bankr. C.D. Ill. 2017).
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In re Awayda, 574 B.R. 692 (Bankr. C.D. Ill. 2017). “” 735 ILCS 5/12-906; see Lantz, 446 B.R. at 856 .”
In Re Walston, 190 B.R. 855 (Bankr. S.D. Ill. 1996). · cites it 2× “The trustee objected that the debtor was entitled pursuant to 735 ILCS 5/12-906 to no more than $7,500 from the sale proceeds of the homestead property.”
In Re Stewart, 452 B.R. 726 (Bankr. C.D. Ill. 2011). “On the issue of intent, a question of state law, agreeing with Lantz and Snow-den, this Court holds that a debtor claiming the homestead proceeds exemption under 735 ILCS 5/12-906 does not need to establish an intent to reinvest the proceeds in a new home.”
Polimino v. Peters (In Re Polimino), 345 B.R. 708 (10th Cir. BAP 2006). “at 574 (citing 735 ILCS 5/12-906 (Ill.Rev.Stat.1991, ch.”
In Re Harrison, 164 B.R. 611 (Bankr. N.D. Ill. 1994). “1976); 735 ILCS 5/12-906— 5/12-912. Bankruptcy courts normally look to state law to determine interests in property and the perfection of liens therein, and only in the event of conflicting federal law apply the later.”
William Joseph Montanez (Bankr. N.D. Ill. 2020). · cites it 4× “They listed the Bridgeview Bank savings account containing $12,176 on Schedule A/B and claimed an exemption in those proceeds under 735 ILCS 5/12-906 on Schedule C.2 (Dkt. 1 at 12, 17).”
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