Bankruptcy in Illinois? Here’s what you need to know. Bankruptcy is a legal process where you can find relief from your financial woes. This relieves some, if not all, of your debts. In Illinois, there is a “Bankruptcy Code” that is governed by federal law. It is administered through a federal court division – the United States Bankruptcy Court.
Another key point you need to know is that there are two main types of bankruptcies that you can file in Illinois:
Basically, filing for bankruptcy need not be a complex process. There are steps you can follow to help you go through it and manage the steps on your own. Here are the basic steps:
Bankruptcy should be your last recourse even if this can give you relief from harassment from creditors and the different collection actions that can be made against you. Generally, it can also stop repossessions, wage garnishment and foreclosures, utility shut-offs because of non-payment and your driver’s license can be reinstated if it was suspended because of your debts. All in all, if you need it, filing for bankruptcy in Illinois isn’t that hard if you know how to do it.
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