Illinois Bankruptcy Law

Considering filing bankruptcy in Illinois? You need to understand Illinois bankruptcy law and exemptions.

As on overview we have listed some of the main exemptions, links to the federal courts serving Illinois, and some filing statistics for Illinois.

Illinois Exemptions

Homestead:
$15,000 per person (includes proceeds of sale for 1 year under 735 ILCS 5/12-906)
Details:
Residence or homestead of individual. Includes farm, lot + buildings, condominium, personal property or cooperative. Can be owned or leased.

Motor Vehicle:
$2,400
Details:
One motor vehicle


This is just and overview and there is a detailed list of the Illinois Bankruptcy Exemptions.

Illinois Bankruptcy Courts

If you need more information about the Illinois Federal Bankruptcy Courts you can click on the link for your district.

  • Illinois Central District
  • Illinois Northern District
  • Illinois Southern District

    • Illinois Filing Statistics

    Here are the counties in Illinois with the highest amount of bankruptcy filings.

    Year - County
    Total
    Ch7
    Ch13
    2012 COOK
    34246
    21919
    12308
    2012 LAKE
    7122
    4666
    2451
    2012 WILL
    4270
    3031
    1235
    2012 DUPAGE
    4258
    3325
    929

    You can see the information for all counties by visiting the Illinois Chapter 7 and Chapter 13 bankruptcy filings by county page.

    Here are the most recently available statistics for monthly bankruptcy filings in Illinois.

    Year - Month
    Total
    Ch7
    Ch13
    2013 6
    4952
    3311
    1639
    2013 5
    5823
    4017
    1803
    2013 4
    6737
    4843
    1893
    2013 3
    7054
    4887
    2158
    2013 2
    5391
    3646
    1742
    2013 1
    5415
    3471
    1939


    You can see more data by visiting the Illinois Personal Bankruptcy Filing Statistics page.

    If you have question about filing bankruptcy please visit our Frequently Asked Questions Page or schedule a free consultation with a local attorney.