Q: If credit card debt is in my name and mortgage is in my name and my husband's name is our house protected?
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
If your credit card debt is solely in your name and the mortgage is in both your and your husband's names, the house may still be at risk depending on several factors. In Illinois, if you file for bankruptcy, your share of the house's equity could be used to pay off your debts. However, Illinois has a homestead exemption that may protect a portion of your home's equity.
It's important to understand how much equity you have in the home and how it relates to the homestead exemption. If the equity exceeds the exemption amount, creditors might still have a claim on your share. Joint ownership can add complexity, but it doesn't automatically shield the home from potential claims.
Consulting with a legal professional can provide clarity on how these rules apply to your specific situation. They can help you navigate the bankruptcy process and understand what protections are available for your home. Taking action promptly will help you make informed decisions and protect your interests.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
