Most people lose nothing in bankruptcy. Liens and exemptions usually protects your house, car and furnishings. You do have to continue making payments if you want to keep them.

In addition, the State of Illinois provides exemptions. The most important are:

• $15,000 homestead exemption in the place you live in.
• $2,400 exemption in one motor vehicle.
• $4,000 "wild card" exemption in any personal property.

Married couples filing jointly may double these exemptions.

If you have more equity than this, it gets complicated. This is where an experienced attorney who knows how to negotiate becomes important.

The trustee does not want your property.  He wants money.  He wants you to pay him for equity over your exemptions because it is easier, cheaper and more sure than finding another buyer for your property.