Cook County Sheriff Tom Dart recently suspended evictions for tenants caught in the very situation you describe. Check this link and the Sheriff's site for more details.
Good luck, Ken Dooley.
This link should help you find some answers about tenant's rights in Illinois:
Unfortunately your story is becoming more common given market conditions but you do retain rights regardless of your landlord's financial situation.
The specific answer to your question will depend upon the specific language of your lease agreement. You should find a copy of it if you can.
I'd also suggest calling the Metropolitan Tenants Organization at 773-292-4988. They have a great helpline that can help you with almost any tenant related issue.
Broker Associate, Sudler Sotheby's International Realty