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Bankruptcy Laws in Illinois

Bankruptcy Explained by Experienced Chicago Attorneys

Are you overwhelmed by the amount of debt you're facing? Does paying your bills each month feel like a juggling act where you're usually dropping a few balls?

Americans are saddled with so many different types of debt:

  • Mortgages
  • Credit cards
  • Medical bills
  • Auto loans
  • Personal loans

The stress from carrying a crushing amount of debt can damage our family relationships, our quality of life, and even our health. The good news is that life doesn't have to be this way. All too often, we think there are no solutions to our money problems. But that isn't the case! The bankruptcy laws can provide the answer you've been looking for.

A DebtStoppers debt relief plan can end your constant stress and set you on a course to financial independence. As our thousands of clients already know, bankruptcy can help you get your life back. Contact us today to schedule a free one-on-one personal debt analysis with one of our experienced Chicago bankruptcy lawyers.

What Are the Illinois Chapter 7 Bankruptcy Laws?

Using Chapter 7 is the fastest and easiest way to eliminate your debt. While the laws say that certain "non-exempt assets" can be sold to pay back your creditors, it's our experience that our clients rarely lose a thing during this process. Illinois has a list of exemptions, which are items you get to keep. You can receive an exemption for your house, car, retirement plan, personal possessions, and many others.

To qualify, you'll have to pass "the means test", which evaluates your household and disposable income to determine if you have any other way to pay off your debts. If you don't pass the means test, you can't file.

What Are the Illinois Chapter 13 Laws?

Illinois Chapter 13 allows you to restructure and reduce your debt into an affordable monthly repayment plan lasting three to five years. You're eligible for Chapter 13 even if you don't pass the means test, making it an excellent option for people with regular incomes facing temporary financial setbacks.

Where Are the Bankruptcy Courts in Illinois?

Bankruptcy courts in Illinois are divided into 3 districts with 7 locations. The court locations include:

  • Northern District
    • Chicago
    • Rockford
    • Joliet
    • Park City
    • Joliet Park City Geneve
  • Central District
    • Peoria
    • Springfield
    • Urbana
  • Southern District
    • East St. Louis
    • Benton

The statutes require you or your attorneys to file with the court a petition and the necessary records to start proceedings. After your case is filed, the judge issues an automatic stay, which is a court order that forbids your creditors from even contacting you. Imagine not being afraid to answer the phone! Bankruptcy laws can offer you that freedom.

Don't Wait To Find Debt Relief

Bankruptcy laws can help you find the debt relief you so desperately need. You can stop worrying about how you're going to pay the next bill or whether you're going to lose your house, and start living the life you've always wanted.

A DebtStoppers bankruptcy plan can help you escape the burden of financial stress by putting Illinois laws to work for you! The first step towards freedom is to schedule a free one-on-one consultation with one of our skilled Illinois attorneys. Call or text DebtStoppers today at 312-913-0630.

DebtStoppers is proud to be the only Illinois firm that offers a real $0 up-front Chapter 7. We'll even advance the cost of your $335 filing fee, so you don't have to wait another minute to get the help you need. Call or text 312-913-0630.