Legal Question in Credit and Debt Law in Illinois

My house has no mortgage and is only worth about $30,000. if I file chapter 7 will I lose my home?


Asked on 5/29/14, 3:35 pm

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

More facts are needed. You are entitled to claim an exemption of $15,000 in your homestead. If you are the only owner that is your limit. If there is another owner, then they can claim their exemption. If you are married, your spouse may be able to claim an exemption too. If the property is worth more than $30,000, you could lose your house in a Ch 7. You might consider a Ch 13.

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Answered on 5/30/14, 4:45 am


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