It's the only horse track in northern Illinois.
They had been struggling to pay workers, failing to make payroll several times.
Earlier this year, the track had its license to hold races suspended.
The owners say they hope the bankruptcy filing will allow them to resume racing and pay workers while refinancing their debt.
"This is a difficult day for Hawthorne and for my family which has owned Hawthorne for four generations over 117 years, but filing for reorganization is the right thing to do for the Illinois horsemen and for our employees and their families," said Tim Carey, president and CEO of Hawthorne Race Course.