Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Are There Different Consequences for Foreclosure in Illinois than in Missouri?

Receiving a foreclosure notice is scary—but the events that can happen afterwards can be even scarier, whether you are in Illinois or Missouri. To make matters worse, most people don’t know how much hot water they could actually be in after walking away from their home.

In Illinois, as in Missouri, you may have a deficiency balance if your home was sold at auction. A deficiency balance is the difference between how much you owe on the home and how much it is sold for. If you owe more than the home is auctioned for, you will owe the difference to the lender and they will try to collect it in any way possible.

So, just as in Missouri, an Illinois foreclosure can be stopped. Chapter 13 bankruptcy can give you protection from foreclosure and reorganize your debt into something you can manage for you and your family. But if you have given up your home, it’s not too late. A Fairview Heights or Belleville Illinois bankruptcy attorney can eliminate your deficiency balance—and your other unsecured debts—with a Chapter 7 bankruptcy.

Don’t get caught in a situation like a foreclosure without knowing all the facts and all your options for relief. Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn the ways you can protect your family.