We signed a lease for one year back :( in August 2007. My employer went out of business in January 2008. I have found another job, but it takes me out of state. Is there any law in Illinois that allows me to break a lease for that reason?

Nope, see if you can negotiate a buyout or sublet.

Sorry, no, that is why people who own property does leases. Some at times have things for service people, esp if they are around bases, but those are not state ordered merely a term in a lease. So your only way out is what is written in that lease, Normally none.

You can find out about sub-leasing, if you do move, they are required to try and lease your unit, but you are obligated to pay for the rent and often utilities until it is rented.