The number of Illinois bankruptcies has been consistently increasing for the last several years. According to the American Bankruptcy Institute (ABI), in 2007 there were just over 41,000 bankruptcies in Illinois, and by 2010 there were over 82,000 Illinois bankruptcy filings. Although 2011 brought a slight decrease, with 73,000 Illinois individuals and businesses choosing to file for bankruptcy (around 97% of these were consumer bankruptcies), so far in 2012 the number of bankruptcies
The Orange County Register recently reported on research indicating that there was a 19% increase in nationwide bankruptcy filings from January to February 2012. While commercial bankruptcies jumped by 3%, the number of Illinois consumer bankruptcies rose by a whopping 20% in one month. Illinois had nearly 11,000 bankruptcies in the first two months of 2012 – the third-highest in the country (after California and Florida).
The majority of Illinois residents who choose to file for bankruptcy do so under Chapter 7 of the United States Bankruptcy Code. In a Chapter 7 bankruptcy, the debtor’s assets are liquidated (sold) to pay off their creditors. Some assets may be exempt, and the order in which creditors are paid can be incredibly complex. If you file for bankruptcy in Chicago, your case will be handled by the United States Bankruptcy Court for the Northern District of Illinois. The court strongly encourages those who are filing for bankruptcy to retain the services of an experienced Illinois bankruptcy attorney. Click here or call (847) 797-8001 to contact the skilled Crystal Lake bankruptcy lawyers at Newland & Newland LLP for a free bankruptcy consultation.