Legal Advice


QWhat eactly does "exemption status" have to do with "equity" in filing Chapter 7 bankruptcy?

Have seen two conflicting answers.

So here is scenario.

Person has home in Illinois. Worth: 179,000.00. Home has 10,000.00 in "equity". Illinois allows "15,000.00" in 'exemption'..for purposes of filers of bankruptcy.

Person wants to file Chapter 7. Mortgage payments are current.

Question?

Does 15,000.00 exemption mean she will lose home? What exactly is "equity" and how does it relate to the exemption status?



Can you please answer in laymen's terms?

Thank you.

answers

This question still have no answer summary yet.

This Question: "What eactly does "exemption status" have to do with "equity" in filing Chapter 7 bankruptcy?" No answers yet.

Be the First! Or read related questions

Anonymous Sign In Sign Up
Add Answer of
What eactly does "exemption status" have to do with "equity" in filing Chapter 7 bankruptcy?

Did this answer your question? If not, ask a new question.

Related Answers