Illinois Bankruptcy
If you’re struggling to pay bills and are being harassed by creditors, you may need a fresh financial start.
Chapter 7 bankruptcy in Illinois was designed to clear your unsecured debt, protect your property and wages, and give you a fresh financial start.
This page will give you an introduction to how those laws work, but for complete information on Chapter 7 speak with a local bankruptcy lawyer.
For a free bankruptcy case evaluation, complete the form on this page and we’ll connect you with an Illinois bankruptcy lawyer right away.
Filing Chapter 7 Bankruptcy in Illinois
If you livein Illinois and are considering filing Chapter 7 bankruptcy, you may want to learn about the state’s bankruptcy laws.
While bankruptcy is a federal institution, the details are different in every state. Understanding these laws may help you take full advantage of a powerful tool that many people have used to clear their credit card, medical and personal loan debt.
For complete information on how the laws may affect you, speak with a local attorney.
Illinois Bankruptcy Laws
Chapter 7 bankruptcy is designed to quickly and completely resolve your unsecured debts – debts that are not directly tied to a piece of property.
Many people use Chapter 7 as a way to get out from under oppressive credit card and medical bills. These may be cleared in only a few months with Chapter 7.
In exchange for removing these debts, your creditors may ask for a liquidation sale of non-exempt property you own. This rarely happens in Chapter 7 cases because of Illinois’ Chapter 7 exemptions.
Illinois Bankruptcy Exemptions
The following information provides a simple introduction to Illinois Chapter 7 exemptions. This section of the law outlines the types and amounts of property which are fully protected from sale or liquidation during your case.
This is an overview of the exemptions, but to fully understand how your property may be protected during your case, speak with a local bankruptcy lawyer.
Homestead: Up to $15,000 for residential property.
Wages: 85 percent of weekly earnings.
Vehicles: $2,400 exemption for one vehicle.
Personal Property:
- 100 percent exemption for necessary clothes, Bibles, school books and family pictures.
- $1,500 in implements, books and tools of the trade.
- Up to $4,000 for any other personal property.
Questions? Talk to an Illinois Chapter 7 Bankruptcy Attorney
Illinois Chapter 7 bankruptcy exemptions can be extremely specific and may seem a bit confusing. An Illinois bankruptcy lawyer can explain how they may impact your Chapter 7 bankruptcy case.
At Chapter7.com, it’s easy to get in contact with a Illinois Chapter 7 bankruptcy lawyer. Simply fill out our free bankruptcy evaluation form or give us a call at 877-226-6844 and we’ll help you get in touch with a local Illinois Chapter 7 bankruptcy lawyer as soon as possible.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.