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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33786
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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The house that my husband and I own have many liens on it

Customer Question

hi, the house that my husband and I own have many liens on it and we are considering bankruptcy. My mother is 88 years old in bad health and when she passes there will be property sold to split between my siblings. How can I protect my part? What kind of lawyer do I need to speak to? My husband has since left me and without my share (I am 62), I will have nothing. Can you offer me some advice, if only what kind of lawyer to speak to. Thank you
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: North Carolina
JA: Has anything been filed or reported?
Customer: As far as liens? if so, yes
JA: Anything else you want the lawyer to know before I connect you?
Customer: not really, just need to protect myself from my husbands mistakes. I have read that there is some kind of 6 months when filing bankruptcy
Submitted: 2 months ago.
Category: Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Are you on good terms with your siblings so that they would help out with a plan to protect any inheritance?

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Is mother in good enough health mentally to help with making a slight change to her estate plan?

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Are you both on the mortgage for the property?

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What are the liens for?

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thanks

Barrister

Customer: replied 2 months ago.
My mother is mentally ok and she & siblings are ok. My house is paid for and all the liens are medical. Both names are ***** ***** deed to the house
Expert:  Barrister replied 2 months ago.

Ok, under NC law, there is a homestead exemption of $70,000 for a married couple form unsecured creditors.. So you can protect at up to $70K in any bankruptcy filing from creditors. So that gives you an incentive to file BK to wipe out those debts that are weighing you down.

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With regard to the inheritance, it can easily be protected if mother just says in her will that your share goes into a trust for your benefit for 5 years. Then you file BK, if she passes, the inheritance goes into the trust. You don't own it, the trust does, so it can't be seized by the BK Trustee to use for debts. The BK is done in a year or two and then the trust ends a few years later and you get all the money from it. During that time the trustee can use the money in the trust to benefit and support you..

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So just a minor tweak to mother's estate plan and you will have protected your inheritance from creditors.

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thanks

Barrister

Customer: replied 2 months ago.
Thank you so much. Can you suggest a lawyer in Charlotte NC that I could go talk to face to face? You have given me much needed relief
Customer: replied 2 months ago.
I would like to ask one more question? If I put my share into one of my children's name, will it be safe that way? And if it goes into a trust do I understand that I will be able to use the money to support myself?
Expert:  Barrister replied 2 months ago.

Unfortunately, I am not allowed to represent customers from the site or recommend anyone personally under my agreement with JustAnswer. However, these are a couple sites that we attorneys actually use if we need foreign counsel in a state where we aren't licensed. Further, customers have consistently reported good results with these sites:

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www.martindale.com

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www.lawyers.com

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They screen their attorneys based on geographic location, area of practice, time in practice, cost and customer reviews.

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You would be looking for an estate law or probate attorney..

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I would like to ask one more question? If I put my share into one of my children's name, will it be safe that way? And if it goes into a trust do I understand that I will be able to use the money to support myself?

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No, as soon as it touches your name, it could be seized by creditors or the bankruptcy trustee. So you want to make sure it goes from mother's estate directly to an irrevocable trust that is set up for your benefit for a limited time to get past any BK claims. And yes, the whole point of the trust is to keep it out of your name and direct the trustee to use the money to support you until it terminates.

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thanks

Barrister

Customer: replied 2 months ago.
Thank you so much��
Expert:  Barrister replied 2 months ago.

You are very welcome. Happy to help any time.

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Have a great evening!

Barrister

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