Illinois bankruptcy law

Should Illinois Cities be Permitted to File for Bankruptcy?

Many Illinois cities are facing financial difficulties that can potentially be resolved through bankruptcy. According to the policy nonprofit Manhattan Institute, this is exactly what needs to happen. When a municipality is unable to pay back its debt, it may file for Chapter 9 bankruptcy, which allows certain contracts to be broken so the intervening trustee can reallocate money to help the municipality repay its debt.
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The Use of a Homestead Exemption

In order to protect spouses and children left behind when the provider of shelter has died, some states have enacted a homestead exemption.  If a homeowner dies and leaves behind a dependent spouse or dependent children, this exemption protects their home from taxes, creditors and other situations which could put that property in jeopardy.
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Non-Dischargeable Debts in an Illinois Bankruptcy Case

Bankruptcy can help most Cook County residents who have fallen on hard times financially because of unexpected and excessive medical bills or loss of income due to sudden unemployment. However, some debts cannot be eliminated through bankruptcy and must be paid regardless of the circumstances affecting the individual needing relief from crushing bills.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com