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If one is filing a
bankruptcy, the State of Illinois has opted out of using the Federal exemptions.
In Illinois, an individual is limited to a $15,000.00 homestead exemption. A
married couple has a $30,000.00 homestead exemption.
After subtracting the costs of sale
from the fair market value or prospective purchase price of a home, if there is
less than $30,000.00 equity for a married couple, the trustee in bankruptcy would make a
determination that the case was a no asset case and abandon his or her interest
in the home. The
home would then revert back to the Debtor and as long as the Debtor remained
current on their mortgage payments, they could keep the home.
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