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§506 Secured Claim Valuation in Illinois

How 11 U.S.C. § 506 applies in Illinois — federal bankruptcy law, Illinois district data.

What §506 Secured Claim Valuation Does

A creditor's claim is "secured" only up to the value of the collateral. Any deficit above that value is unsecured. This framework is the foundation of Chapter 13 cramdown, lien stripping, and lien avoidance.

Key points:

Illinois Bankruptcy Data (FJC)

283,280
Total filings
63.4%
Dismiss rate
106,795
Prior filers
24.9%
Prior discharge rate

Districts covered: N.D. Ill., C.D. Ill., S.D. Ill..

Apply This to Your Case

The rules above are federal — they apply identically in every state. What varies by state is exemptions (§522), median income thresholds (means test), and case-law interpretations of ambiguous terms. For a Illinois-specific answer, check the screener or consult a local attorney.

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Related Illinois Statutes

109(g) Filing Bar §362 Automatic Stay §362(k) Stay Violation Damages §507 Priority Claims §522 Bankruptcy Exemptions §523 Nondischargeable Debts §524 Discharge Injunction §541 Property of the Estate §547 Preferential Transfers §548 Fraudulent Transfers §707(b) Means Test Dismissal §727 Chapter 7 Discharge §727(a)(8) 8-Year Chapter 7 Refiling Bar §1322 Chapter 13 Plan Contents §1325 Chapter 13 Plan Confirmation §1328 Chapter 13 Discharge §1328(f) Refiling Bar §1329 Plan Modification §1192 Subchapter V Discharge

§506 Secured Claim Valuation in Other States

§506 Secured Claim Valuation in Alabama §506 Secured Claim Valuation in California §506 Secured Claim Valuation in Florida §506 Secured Claim Valuation in New York §506 Secured Claim Valuation in Texas §506 Secured Claim Valuation in Ohio §506 Secured Claim Valuation in Georgia §506 Secured Claim Valuation in Pennsylvania §506 Secured Claim Valuation in Michigan §506 Secured Claim Valuation in Washington §506 Secured Claim Valuation in Colorado

Data: FJC Integrated Database. Statute: 11 U.S.C. § 506 (Cornell Law).

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This page provides general information about federal bankruptcy law. Not legal advice. Consult a licensed attorney for advice on your specific situation.