Chapter 13 to Chapter 7. If you received a Chapter 13 discharge and you’d like to receive a Chapter 7 discharge, you’ll have to wait six years between filing dates.
What is the income limit for Chapter 7 in Illinois?
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don’t have the option of filing Chapter 7.
If you’ve used Chapter 7 bankruptcy specifically to discharge debts in the past, you must wait eight years before filing another Chapter 7 case. But that doesn’t mean you’re out of options if you’re facing debt again.
How often do you have to file Chapter 7 bankruptcy?
Here are the timeframes if you plan to file the same bankruptcy chapter that you filed the first time: You’ll have to wait eight years after the filing date of the first Chapter 7 case before filing the second case.
Can you file Chapter 7 bankruptcy in Illinois?
If you want to keep a secured asset, such as a car or home, and it is not completely covered by your Illinois bankruptcy exemptions then Chapter 7 is not an option. If facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure.
Which is better Illinois Chapter 7 or Illinois Chapter 13?
Illinois Bankruptcy Law. There are several situations where a Chapter 13 is preferable to a Chapter 7. A Chapter 13 bankruptcy is the only choice if you are behind on your mortgage or business payments and you want to keep your property, either in Illinois or another state, at the end of the bankruptcy process.
Can You Keep your property in Chapter 7 in Illinois?
In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors. Illinois exemptions provides list of the exemptions available for Illinois. In determining whether property is exempt, you must keep a few things in mind.
