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Illinois Bankruptcy Information
Are you considering filing for Chapter 7 or Chapter 13 bankruptcy in Illinois? Although much of bankruptcy is governed by federal law, some bankruptcy-related information and law is specific to your state.
Below you’ll find Illinois-specific information on filing for bankruptcy as well as articles on the various Illinois bankruptcy exemptions. And for in-depth information on bankruptcy law and procedures, visit Nolo’s Bankruptcy Center.
Filing Information for Illinois
Filing Information for Illinois
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Filing for Bankruptcy in Illinois
In this complete guide to filing for bankruptcy in Illinois, you’ll learn about the differences between Chapters 7 and 13, debts you can eliminate or "discharge,” property you can keep using Illinois bankruptcy exemption laws, and bankruptcy qualification requirements. You'll also learn how to organize and navigate your Illinois bankruptcy case using checklists, a link to a DIY bankruptcy quiz, and other helpful resources.
Bankruptcy Exemptions in Illinios
Bankruptcy Exemptions in Illinios
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Illinois Bankruptcy Exemptions
Illinois bankruptcy exemptions protect property from bankruptcy creditors, including the things you’ll need to maintain a home and job. But you might not be able to keep everything you own. In Chapter 7, you only keep property covered by Illinois bankruptcy exemptions. In Chapter 13, you keep everything you own but pay creditors for any nonexempt property. Learning about bankruptcy exemptions before filing will help you prevent unexpected property losses in an Illinois bankruptcy.
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The Illinois Homestead Exemption
If you file for bankruptcy in Illinois, the homestead exemption allows a single owner to protect up to $15,000 of equity in the house. A couple filing jointly can protect up to $30,000 of the equity in a home. Couples holding the home in tenancy by the entirety might be able to exempt more in an Illinois bankruptcy.
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