Chicago, IL asked in Civil Litigation for Illinois

Q: I have a judgement against me so can I be forced to sell my home if my homes equity is less than the judgement amount

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1 Lawyer Answer
Bryan R. Bagdady
Bryan R. Bagdady
  • Oakbrook Terrace, IL
  • Licensed in Illinois

A: The answer to your question is not dependent upon a comparison of the equity to the judgment. Rather, you need to identify what part of your equity is exempt. In Illinois, a homeowner has a $15,000 exemption for the equity in their home. Double that for a married couple. If the equity exceeds the exemption in the property, then the judgment creditor can go after the home. The judgment creditor can file a judgment lien and wait until you sell or they can file a judgment foreclosure action and move against the equity now. Hope this helps to clarify the situation.

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