In an Illinois bankruptcy you may keep an exempt amount of equity in your home. An individual filer can protect up to $15k of equity in their homestead. If married, filing jointly, a couple may combine their homestead exemption up to $30k. If your equity does not exceed the exemption and you are current on your mortgage and are able to continue your payments, you may be able to keep the home in a bankruptcy.
Can I use the wildcard exemption in to increase my homestead exemption?
The wildcard exemption allows an individual to exempt $4K (joint filers $8K) to protect property that is otherwise nonexempt. For example, the wildcard exemption might be used toward items such as cash or an otherwise nonexempt motor vehicle to protect them from a trustee. It is important to work with an experienced bankruptcy attorney to determine how you can apply the wildcard exemption to property you wish to keep in an Illinois bankruptcy.
Contact an Experienced Illinois Bankruptcy Lawyer for Help
When you are facing the loss of your home to foreclosure, an automatic stay in an Illinois bankruptcy can help prevent or delay a home foreclosure allowing you time to work out an arrangement to keep your house. When you have questions regarding Illinois chapter 7 or Chapter 13 bankruptcy contact Peoria bankruptcy lawyer Charles E. Covey for immediate assistance at 309-674-8125.
