Chapter 7 Bankruptcy & Income Threshold in Illinois?

Answer Not every debtor can file Chapter 7 bankruptcy in Illinois. Introduced in 2005, bankruptcy regulations now require debtors wishing to file Chapter 7 bankruptcy in any state to qualify based on inco... Read More »

Top Q&A For: Chapter 7 Bankruptcy & Income Threshold in Illi...

In Pa in chapter 7 bankruptcy can person use Federal Bankruptcy Exemtion to keep 120000 paid off condominium if this is only asset and only projected income is 238 monthly?

Refer to your last similar Q.Yes you have a 125K Federal Homestead Exemption.Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will... Read More »

How to File a Chapter 13 Bankruptcy in Illinois?

In Illinois, Chapter 13 bankruptcy allows debtors to come up with a plan to repay all or a portion of their debt. Illinois bankruptcy courts require the plan to give priority to secured debts such ... Read More »

How Often Can You File Chapter 7 Bankruptcy in Illinois?

Years ago, a debtor was sent to debtor's prison if he was unable to satisfy his debts. Luckily, the United States now makes it possible for a debtor to gain a fresh start and discharge most of his ... Read More »

Can future earnings be considered in Illinois chapter 7 bankruptcy?

Chapter 7 bankruptcy in Illinois uses future earnings as part of the assessment. Illinois uses a two-part means test to determine if a debtor's current income, and income for the foreseeable future... Read More »