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Old 09-10-2008, 09:56 PM
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Join Date: Sep 2008
Posts: 3

Considering bankruptcy - worried about losing our home

What is the name of your state (only U.S. law)? IL

We are $25k in debt with credit cards, our mortgage is $1500, we have a $500/mo HELOC, etc., etc. We are not behind with anything just yet - but we soon will be. We are considering filing bankruptcy, but I'm very concerned about which type would be 'best.' We OBVIOUSLY do not want to lose our home...

Can someone please tell me what 'non-exempt property' means? I've read about it in Chapter 7, I believe...

I've also read that you have to go thru 6 months of credit counseling before you file...what if we can't stay afloat in those 6 months??

Thanks for any input!!
  #2  
Old 09-11-2008, 08:18 AM
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Join Date: May 2001
Posts: 6,451
Non exempt property is property that is either above the levels your state exempts in bk or is the sort of property that there is no exemption . This becomes property of the bk estate and the trustee will liquidate it and distribute the proceeds to your creditors.
It depends on the amount of equity in your home. [url=http://www.bankruptcyaction.com/ilexemptions.htm]Illinois Bankruptcy Exemptions - IL Bankruptcy Exemptions[/url]

As to the credit counseling. You must take a class within 6 months of filing. The class can be done online or by phone and just takes an hour or so.

Most bk lawyers give free or low cost initial consultations. Talk with a few and get your options explained.

You don't post your income but a $2K/month mortgage may well mean you have something you can't afford.
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