Illinois Bankruptcy
Question: very new to this so in need to some advise, my parents are up to their necks in CC bills, over 75g's. they own a house worth 120-130 and still owe about 30 thousand, will they be able to file c7 or not cause they have too much in the house.
Answer:
I Am Not A Lawyer... but... 1. Convince them to see a lawyer if they're contemplating bankruptcy. Having said that... 2. Unless they live in a state with a GENEROUS homestead exemption (which I believe Illinois is not), their house would probably be liquidated by the BK court to pay their creditors as much of their debt as possible, minus their home exemption ($5k each, sometimes more). Again, convince them to see a lawyer. It's in their best interest to do so. In all likelihood, they will have to file a Ch. 13 to protect the equity on the house. Tell them to consult with a lawyer on this.
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