Foreclosure & Alternatives Law

Can I Keep My Home If I File Bankruptcy in Illinois?

Yes, if you are able to keep making payments in full and on time to your mortgage holder and the agreement is approved by the bankruptcy court. Further, you are entitled to a homestead exemption of $15,000 worth of equity in your home. If you have more than $15,000 worth of equity in your home than the bankruptcy court may order that the property be sold and that the equity in excess of $15,000 be provided to your creditors.