How do I file for bankruptcy?

Bankruptcy can help you get back on your feet if you have a lot of debt. But it's not for everyone. Filing for bankruptcy protects the debtor from collection activity. This is called an “automatic stay.” Depending on which type of bankruptcy case, it can also help get rid of some debts. However, filing for bankruptcy is not right for everyone.

Types of Bankruptcy

There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13.

Chapter 7

In a chapter 7 bankruptcy, many of your debts may be “discharged,” or canceled. This means you no longer owe them. If you would like to file for chapter 7 bankruptcy then you will need to start a chapter 7 bankruptcy case.

Chapter 13

In a chapter 13 bankruptcy, you attempt to repay your creditors instead of liquidating your assets. If you would like to file chapter 13 bankruptcy then you will need to start a chapter 13 bankruptcy case.

Bankruptcy courts

Peoria, IL

Illinois Central Bankruptcy Court

Federal Building

100 N.E. Monroe Street

Peoria, IL 61602

 

Springfield, IL

Paul Findley Federal Building and United States Courthouse

600 East Monroe Street

Springfield, IL 62701

 

Urbana, IL

United States Courthouse

201 South Vine Street

Urbana, IL 61801