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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33766
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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My husband and I are over 80 and heard that if medical bills

Customer Question

My husband and I are over 80 and heard that if medical bills cannot be paid, we are able to keep the home we live in and one auto. Is this correct?
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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If you have less than $500,000 in equity in your home and you file a "homestead declaration", then it would exempt your home from any creditor action if you were sued by medical creditors and they got a judgment. Since you are both over 62, there is a $1,000,000 equity exemption for your home..

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While there isn't an automatic exemption for any vehicle, there is a $15,000 exemption for equity in a vehicle if used by an elderly debtor. So if you have a $30,000 car and owe more than $15,000 on it, it too is exempt.

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So essentially, yes, you are correct subject to the rules above.

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

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thanks

Barrister

Customer: replied 1 year ago.
Thank you, ***** ***** to my satisfaction.
Expert:  Barrister replied 1 year ago.

You are very welcome. Glad to help any time..

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Have a great evening!

Barrister

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