Chapter Quiz

Prior Bankruptcy Discharge

Have you ever received a bankruptcy discharge?

Income Level

Is your household income above or below the Illinois median for your household size?

Tip: The means test compares your household’s current monthly income (averaged over the 6 months before filing) against the Illinois median for your household size. If you’re below the median, you pass automatically. Try our Means Test Calculator →

Your Assets

How much equity do you have in your home (value minus all mortgages and liens)?

Do you have significant equity in vehicles (above $3,600 per vehicle)?

The 2026 Illinois motor vehicle exemption is $3,600 per vehicle. Equity = value minus loan balance.

Do you have significant value in other non-exempt assets (stocks, crypto, jewelry, collectibles, cash savings beyond what’s needed for support)?

Retirement accounts are exempt. 401(k)s, 403(b)s, pensions, traditional and Roth IRAs (up to ~$1.7M) are fully protected in both Chapter 7 and Chapter 13. Do not include retirement savings when assessing non-exempt assets.

Do you expect to receive an inheritance, life insurance payout, or divorce settlement within the next 6 months?

Your Debt Situation

Are you behind on mortgage or car payments that you want to catch up on?

Do you have secured debts (car loans, furniture loans) that you’d like to restructure?

Do you owe significant priority or nondischargeable debts (back taxes, student loans, child support, alimony)?

Is keeping specific property (home, car, business assets) a top priority even if it means a longer repayment plan?

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