The usual bankruptcy takes about two weeks to prepare (emergency cases can be prepared and filed in as little as a day). Chapter 13 bankruptcy to restructure your debts: Generally takes between 36 and 60 months to complete your case and receive your discharge.

What is the last chapter of bankruptcy?

Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy. Businesses going through this type of bankruptcy are past the stage of reorganization and must sell off assets to pay their creditors. The process works much the same for individuals.

Will I lose my house if I file bankruptcy in Illinois?

What Will Happen to My Home and Car If I File Bankruptcy in Illinois? In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Or you can pay the creditor the amount that the property you want to keep is worth.

Where can I get a bankruptcy case number in Illinois?

The bankruptcy case number may be obtained from the court for a small fee. The addresses and telephone numbers of U.S. bankruptcy courts located in Illinois can be found on the Illinois Attorney General’s web site, There are three main chapters, or types, of bankruptcy petitions.

What happens when a company files for bankruptcy?

In reorganization cases (Chapters 11 and 13), the court approves a repayment plan that provides for partial payment of debt over time. The remaining balance may be discharged. Both individual and company debtors may file a petition for bankruptcy with a United States bankruptcy court.

Where can I find the Illinois Attorney General?

The addresses and telephone numbers of U.S. bankruptcy courts located in Illinois can be found on the Illinois Attorney General’s web site, There are three main chapters, or types, of bankruptcy petitions. Each of the three chapters has different requirements and purposes.

What happens if you file a Chapter 7 bankruptcy?

Remember – a corporation does not receive a discharge, so if a company starts up again after filing a Chapter 7 petition, even under another name, it will still be liable for its old debts. Individuals do receive a discharge but may have a significant amount of difficulty obtaining credit at reasonable interest rates after liquidation.