Legal Question in Bankruptcy in Illinois

To Whom it May Concern:

I just have two questions regarding bankruptcy:

Are all bankruptcy files public knowledge?

If there was a lien on a home and the home was foreclosed upon, does the lien get repaid with or without a bankruptcy claim?

Thanks for your help!

Sandra Cincotti


Asked on 10/05/09, 1:14 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Sandra,

Thank you for your questions.

Your bankruptcy files would be public knowledge, however that information is not widely accessible.

If your home was foreclosed upon, the bank will move to sell the home to satisfy the lien. If the amount they receive when selling the home is less than the total value of the mortgage, they will hold a judgment against you for the deficiency. You can eliminate that deficiency judgment in bankruptcy. Without doing so, the bank will eventually seek to garnish wages or attack other assets you own.

Please feel free to contact me should you have any further questions, My email is [email protected]

Thanks!

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Answered on 10/13/09, 11:22 pm


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