will I lose my house if I file for bankruptcy in the state of illinois? its paid for and all I own outright?

Question

my mother is also listed on the deed of the house. My medical bills are astronomical and I feel that bankruptcy might be the only way out.

Answer 1

If you are looking at filling bankruptcy take a look at my "protecting your family blog" If you are going to do it you might as well do it for less and gain access to some other benefits as well. Sometimes bad things happen to good people, that just means you deserve to have the best people you can on your team. But that doesn't mean it has to cost a fortune.

Answer 2

No it relies upon on which aspect of financial disaster you're doing. A financial disaster 11 reorganization lets you purely restructure the debts owed and prepose a charge plan to the lenders which will fulfill all debts plus 8.5% pastime over a 7 3 hundred and sixty 5 days era. If a plan won't be able to be shown by skill of the decide then they could advise a financial disaster 13 or a 7 the position surely they could liquidate your sources to cover the debts outstanding. in case you dont have sufficient sources to cover the exceptional debt, with out the liquidation of your position then you definitely may be dropping your position reckoning on how a lot fairness you've in it. If there is sufficient fairness to to cover all of your outstanding debts then its time to refinance or promote your position that way you're able to keep any ability income. in case you let the financial disaster court take over you'll lose out on any fairness etc. in basic terms in court costs and pastime. sturdy success thats a crappy concern to be in!

Answer 3

depends on what chapter you file--consult a lawyer for your best options
if the house is paid for, you should be able to not get it involved

Answer 4

Why not cash in on the equity and pay off your medical debt?

Answer 5

Call a lawyer.

Answer 6

Plenty of good advice here.