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Attorney answers (4)
Reputation Level 15
Answered over 2 years ago.
Bankruptcy Attorney in Carlsbad, CA.
If there is no equity in your home, there is no need to exempt anything. Provided you are maintaining regular monthly payments on the property, it will not be affected by the bankruptcy.
LEGAL DISCLAIMER Mr. Larkin is licensed to practice law in CA. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case. 3 people marked this answer as good
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Reputation Level 7
Answered over 2 years ago.
Chapter 7 Bankruptcy Attorney in New York, NY.
I believe Illinois has a homestead exemption law that will protect your home. Keep making the payments and you will keep your home after Bankruptcy.
There are several exemptions under bankruptcy law that will allow you to keep various assets. Speak to a local bankruptcy attorney to make sure that everything is filed and declared property so that you keep all of your exempt assets, especially your home. This is not legal advice. 2 people marked this answer as good
Illinois allows 15k as a homestead exemption for single filers and 30k for joint filers. If you have no equity in your house you will not lose it in chaper 7 or Chapter 13 as long as you maintain your regular monthly mortgage payments.
The content found is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney If you are interested in obtaining information about bankruptcy, you are encouraged to call our law firm at 866-790-8601 or visit our website at www.changandcarlin.com 1 person marked this answer as good
Based on the information you provided, you should be able to retain the home as exempt. The scope of this space does not afford an opportunity to assess the situation and advise you. I recommend you assemble for legal consultation: (1) your income information for December through June, including wages and unemployment during that period; (2) all your bills (several months' copies neatly assembled); (3) last four years' tax returns; (4) a credit report; and (5) other information that may apply, such as copies of lawsuits. Set up an appointment at your earliest convenience to afford the most opportunity in which to be advised about your best course.
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