Unless you are familiar with the latest bankruptcy laws you have no idea of the changes that have been made in the last decade. While some have said that the new laws are tougher, and they are, it has also made it easier for those who have had good credit worthiness in the past but have fallen behind on major single amounts of debt like a home or a new car.
In fact chapter 13 bankruptcy is designed for those who need to catch up and re-establish themselves as opposed to those who just want to dump a history of bad credit and move on.
Some of the new government plans like HAMP (Home Affordable Modification Program) are made to work hand in hand with a chapter 13 bankruptcy filing to adjust your monthly mortgage amount and possibly the total lifetime payback on a mortgage.
If you are going to attempt a Mortgage Modification in Illinois you should consult an attorney that specializes in this area as the two procedures are complimentary but need to be coordinated. In fact a chapter 13 filing is made easier when a HAMP application is done as part of your overall financial reconstruction plan and makes it easier for the bankruptcy judge to approve your chapter 13 application. It is by no means a procedure you want to undertake with a do it yourself bankruptcy plan.