No one starts a business thinking it will fail and they will end up researching bankruptcy laws in Illinois. Things, however, do change, and there may come a time when exercising your bankruptcy options in Illinois becomes the best course of action for yourself and your business.
Learn all you can about bankruptcy law in Illinois before you begin to make a decision about filing for bankruptcy. Understand what the ramifications will be to your life and your business when filing for bankruptcy in Illinois. Before filing for bankruptcy, keep in mind the following:
- Know what you’re going to do with your life and business once the bankruptcy is complete.
- Take note on how Illinois bankruptcy law is going to affect life going forward--from getting credit to starting a new business.
- Analyze the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.
Know the exemptions you have under Illinois bankruptcy lawsYou should know the exemptions you have available under Illinois bankruptcy laws. Take special notice of homestead exemptions, exemptions regarding pay and pensions and other retirement funds since these are the ones that may have the most impact on your life.
Understand Illinois' bankruptcy processFiling for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. With the changes, it is much harder to file for Chapter 7 bankruptcy protection, so take the time to understand what the new process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.
Hire a good Illinois bankruptcy attorney to get you through the processIllinois bankruptcy lawyers are a necessity when filing for bankruptcy. There are plenty of high-quality Illinois bankruptcy attorneys to choose from. Find one that is a good fit for you and your business.
- Find out whether bankruptcy laws in Illinois allow you to file jointly with you spouse. If so, talk to your lawyer and see if it is in your best interest to file jointly or on your own.