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 bankruptcy in Illinois, you’ll learn about the differences between Chapters 7 and 13, the debts you can discharge, and the property you can keep using Illinois’s exemption laws. It also explains how to qualify for bankruptcy chapters 7 and 13 in Illinois, and includes checklists to help you navigate the process and organize bankruptcy documents, and links to a DIY bankruptcy quiz and other helpful resources.
Bankruptcy Exemptions in Illinios
Bankruptcy Exemptions in Illinios
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Illinois Bankruptcy Exemptions
Learn how to protect property in bankruptcy using Illinois bankruptcy exemption laws, including the Illinois homestead exemption, motor vehicle exemption, and wildcard exemption.
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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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