Illinois Bankruptcy Laws

Bankruptcy is federal law, so Illinois bankruptcy laws technically follow the same bankruptcy laws as all the other states’ bankruptcy laws. However, Illinois state statutes and judicial precedents control some very important aspects of filing bankruptcy in Illinois. The biggest role played by the state is determining what the bankruptcy exemptions are when filing bankruptcy. The Illinois bankruptcy exemptions determine which assets you are able to retain when you file a Chapter 7 bankruptcy and what percentage of your debt you are required to pay back in a Chapter 13 bankruptcy.

  • Bankruptcy exemptions determine which assets you can retain when you file a Chapter 7 bankruptcy as well as what percentage of your debt you are required to pay back in a Chapter 13 bankruptcy.
  • Bankruptcy statistics in Illinois don’t vary much from the national average. View the median income numbers for Illinois as well as statistics for the 2005 and 2006 Illinois bankruptcy filings — organized by Chapter 7, Chapter 11 or Chapter 13.
  • In Illinois, bankruptcy courts are organized into four separate districts based upon location. Find the contact information for all of these Illiinois bankruptcy court locations.
  • You are required to complete a U.S. Trustee approved credit counseling briefing before filing bankruptcy. If you’ve already filed bankruptcy, you must complete a U.S Trustee approved debtor education briefing.
  • Following years of intense lobbying by creditors, in 2005 the U.S. Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). See how Illinois Senators Obama (Democrat) and Durbin (Democrat) each voted on these provisions which largely favored creditors over the average U.S. consumer.

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