Legal Question in Bankruptcy in Illinois
Requirements for bankruptcy?
My husband and I are in a financial position where bankruptcy is our only alternative. We own a home with a mortgage balance, however, credit cards have us deep in debt. Please forward any information relative to this that will be helpful to us. Thank You.
1 Answer from Attorneys
Re: Requirements for bankruptcy?
The real question is how much equity you have in your home, and what is left after the deduction of your state exemption and expected costs of sale in order for the US Trustee to make a finding of no assets. Also, this has a direct application on whether you choose to go Chapter 7, or Chapter 13. Given the law, it is not likely that you will lose your home.
Charles Dobra
Charles Wm. Dobra, Ltd.
675 East Irving Park Road - Suite 100
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