Legal Question in Bankruptcy in Illinois

Keeping your condo

First of all, let's be realistic. The bank doesn't want your condo, It wants its money. That's the purpose of reaffirmation agreements. If you are current in your mortgage payments and your condo assessments, then there is no reason, practically, for the bank (mortgage company) to insist that you pay them off. If you are current, pay them the monthly payments due them, a court will allow a reaffirmation of the debt.

As to your new job, if any, the law provides that your post-filing income is yours...only money inherited within six months of the date of filing or money received (or to which you become entitled) with that same period of time as a result of a divorce must go to the estate. In theory, if you win the Big Game the day after you've filed, the money's yours.

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Keeping your Condo

It's not likely that you will lose your secured real property in a Chapter 7 Bankruptcy provided, and assuming, that your equity doesn't exceed your state real property exemption and the cost of sale. Most likely, the Trustee will abandon his interest.