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 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.
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.
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.