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Click ‘Get Form’ to open the Illinois Bankruptcy form in the editor.
Begin by selecting the appropriate chapter for your bankruptcy: Chapter 7 for liquidation or Chapter 13 for a repayment plan. Ensure you understand the implications of each option.
Fill out your personal information in the designated fields, including your name, address, and social security number. Accuracy is crucial here.
Complete the financial information section, detailing your income, expenses, and debts. This will help determine your eligibility for Chapter 7 or Chapter 13.
If filing under Chapter 7, complete the Statement of Your Current Monthly Income (Official Form 122A-1) and if necessary, the Means Test Calculation (Official Form 122A-2).
For Chapter 13 filers, draft a repayment plan outlining how you intend to pay back creditors over time. Make sure to include all required details.
Review all sections carefully before submitting. Use our platform’s editing tools to make any necessary adjustments easily.

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What assets are protected in bankruptcy in Illinois?

Bankruptcy Exemptions in Illinois Homestead exemption. The exemption protects up to $15,000 worth of property. Vehicle. The exemption protects a vehicle worth up to $2,400. Tools of trade. Pension, insurance, child support. Wild card.

What is the difference between Chapter 7 and Chapter 13 bankruptcy in Illinois?

A Chapter 7 bankruptcy completely wipes out all of the debtors dischargeable debts while a Chapter 13 bankruptcy provides for the payment of some or all of the debtors debts over the course of 3 to 5 years.

What disqualifies you from filing bankruptcies in Illinois?

You cannot file for Chapter 13 bankruptcy if, during the 180 days before filing a new bankruptcy, a prior bankruptcy was dismissed because: You willfully failed to follow a court order; or. You requested a dismissal of your case after a creditor sought relief from the bankruptcy.

How much money do I need to owe to file for bankruptcy?

There is no minimum debt to file bankruptcy, so the amount does not matter.

What can you not do in Chapter 7?

What can you not do after filing Chapter 7 bankruptcy? You cant discharge every type of debt. You cant keep all your assets. You cant protect co-signers from collections. You cant file again for a long time. You cant instantly rebuild your credit. You cant pick and choose who gets paid.

how to file chapter 7 in illinois

Illinois bankruptcies public records Illinois bankruptcy Chapter 7 Chapter 13 bankruptcy Illinois Northern District of Illinois bankruptcy Forms Illinois bankruptcy means test Northern District of Illinois bankruptcy PACER Chapter 11 bankruptcy Illinois Chapter 7 bankruptcy Illinois requirements