Use this calculator to run a liquidation analysis as part of your bankruptcy planning. It will help you determine whether you can keep your home by estimating if your equity would generate meaningful repayment to creditors after all costs are considered.
Liquidation Analysis Calculator
Estimate whether your home equity would produce a meaningful recovery for creditors after all costs.
Threshold Question
Have you lived in Illinois for at least 730 days (approximately 2 years)?
Under 11 U.S.C. § 522(b)(3)(A), you must have been domiciled in Illinois for at least 730 days before filing in order to use Illinois exemptions, including the homestead exemption. If you moved to Illinois more recently, a different state's exemptions — or the federal exemptions — may apply.
⚠ Consult With Your Attorney
Illinois exemptions may not apply to your case.
Because you have not been domiciled in Illinois for at least 730 days before filing, the Illinois homestead exemption used by this calculator may not be available to you. Under 11 U.S.C. § 522(b)(3)(A), you may need to use the exemptions of the state where you were domiciled for the greater portion of the 180-day period before the 730-day window — or, under certain circumstances, the federal exemptions.
This is a fact-intensive determination that requires a lawyer's analysis of your specific residency history. Please contact Lakelaw for a consultation.
Why does this matter? The homestead exemption protects equity in your home from creditors. Illinois allows $50,000 (individual) or $100,000 (joint), but these amounts only apply if you've lived here long enough. Using the wrong exemption could mean the difference between keeping and losing your home.
Property & Liens
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Filing & Title
Home is titled as Tenancy by the Entirety
Some debts are joint (owed by both spouses)
TBE protection applies. If all debts are individual, the trustee generally cannot sell the home regardless of equity. The analysis below shows what would happen without TBE protection for comparison.
TBE may not fully protect. Joint debts can reach property held in TBE. The standard liquidation analysis applies to joint debt exposure.
Cost Assumptions
NDIL default: 8%
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Attorney, appraiser, tax prep
This tool is for informational purposes only and is not legal advice. Homestead exemption per P.A. 104-0120, eff. Jan. 1, 2026. Domiciliary requirement per 11 U.S.C. § 522(b)(3)(A). Contact Lakelaw — Your Financial Lifesaver™ — at (312) 662-5750.
