Legal Question in Bankruptcy in Illinois

More information would need to be considered to answer your question. Regarding your home, assuming you reside in Illinois and have done so for several years, you are given an exemption of $15,000.00. If the home is titled together with a spouse and you each live there, then you can each claim $15,000.00. So, if the equity is less than the exemption, no issue. Usually, a small amount of equity above the exemption will not be an issue either. Life insurance is generally exempt if it is for the benefit of your dependents.

I do not recommend filing bankruptcy on your own. There are too many complex issues. I have seen several posts on this site for debtors who filed on their own and are seeking counsel concerning complications. Most of them will have a hard time finding an attorney to get involved to unwind the mess without the attorney charging several times what would originally have been paid.

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 September 2011 through the present, including wages and unemployment during that period; (2) all your bills (copies neatly assembled, back pages included); (3) last four years� tax returns; (4) a credit report (use www.annualcreditreport.com to obtain free report if not requested in last year); and (5) other information that may apply, such as copies of lawsuits. Call at your earliest convenience to afford the most opportunity in which to be advised about your best course. You are not required to use an attorney in your area.