Federal Filing to save house?

[kari]

Someone in another thread had suggested to do a federal filing to save my house. I had explained that our house is worth 216k, we owe 170k, have a 25k home equity line of credit, leaving our equity at about 22k. We live in Illinois and our exemption is 15k. What exactly is federal filing?

[HHM]

Federal filing means filing under the Federal Exemptions, but depending on your state's law, federal exemptions may or may not be available. Many state's exemptions statutes do not give you the option to choose the Federal Exemptions, so you will have to consult with an attorney to find out if you can use them.

[kari]

Has anyone else filed under this in the state of IL? If so, what does it involve?