Legal Question in Bankruptcy in Illinois

Bankruptcy & rental property

If I file bankruptcy will I be able to keep the duplex I have a mortgage on. I currently work out of town and rent, however I would move back in to one side of the duplex if I filed. This is the only property I own


Asked on 5/16/07, 9:23 pm

1 Answer from Attorneys
Terrance Leeders Leeders Law

Re: Bankruptcy & rental property

In Illinois, you are entitled to protect $15,000 of equity in your home. Subtract your mortgage and about 6% for cost of sale all from the fair market value, and if there is nothing left, then your home would be protected. Give me a call and I'll be happy to give you a free consultation. Thanks

Terry Leeders

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Answered on 5/17/07, 10:01 am


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