Illinois Bankruptcy Law

Illinois Bankruptcy Law

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Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. Filing bankruptcy immediately stops all your creditors from seeking to collect debts from you, at least until your debts are sorted out according to an Illinois based federal court.

There are three main kinds of bankruptcy:

Chapter 7

Eliminates most kinds of unsecured credit (credit cards, medical bills, personal loans, judgements, etc.) while allowing you to keep your home, car, and personal belongings.

Chapter 13

Allows you to consolidate your debts of less than $100,000 and make payments over a 3 - 5 year period. You must have a steady source of income for approval by the bankruptcy court.

Chapter 11

An alternative for individuals with debts too large for Chapter 13 or for businesses. Used primarily for business reorganization.

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