What are the steps I need to take to file for bankruptcy in Illinois and what are the consequences of doing so?

To file for bankruptcy in Illinois, there are several steps you need to take:

1. Obtain mandatory credit counseling: Before filing for bankruptcy, you must complete credit counseling within six months before filing. You can find an approved credit counseling agency from the U.S. Department of Justice website or ask your attorney to help you find one.
2. File for bankruptcy: You must file a petition for bankruptcy in the U.S. bankruptcy court in Illinois that has jurisdiction over your case. You will also need to submit supporting documentation, such as a list of your assets and liabilities, income and expenses, contracts and leases, tax returns, and a statement of your financial affairs.
3. Attend a meeting of creditors: After you have filed for bankruptcy, you will have to attend a meeting of creditors. This is a formal meeting where you will be asked questions about your financial situation by the trustee appointed to your case.
4. Financial management course: Within 60 days of filing for bankruptcy, you must complete a financial management course which will help you understand how to manage your finances in the future.

The consequences of filing for bankruptcy in Illinois can be significant. The most immediate consequence is that your creditors will be prohibited from attempting to collect the money you owe them. This is known as an "automatic stay" and it will last throughout the duration of your bankruptcy case.

In addition, bankruptcy can affect your credit score and your access to credit in the future. Bankruptcy will appear on your credit report for up to 10 years from the date of filing.

Note that there are different types of bankruptcy available, and which one you choose will determine the details of the process and the consequences. The two most common types of bankruptcy for individuals are Chapter 7 and Chapter 13.

Chapter 7 is known as the "liquidation" bankruptcy. It involves selling off your non-exempt assets to pay your creditors. However, most personal assets are exempt under Illinois law, so you may not lose much if any property.

Chapter 13 is the "reorganization" bankruptcy. It allows you to keep your property and pay off your debts over a period of three to five years.

It is important to consult with a licensed attorney who has experience with bankruptcy cases in Illinois to best understand your rights during the bankruptcy process and to ensure you are making the right decision for your financial situation.