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My friend bought a house. I live in it as a life trust which…

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My friend bought a house...
My friend bought a house. I live in it as a life trust which his lawyer prepared. Is this exempt if I go bankrupt?
Submitted: 7 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
9/25/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 11,273
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

Thank you very much for Your patience. generally, because you have a life estate, this means that you are not the actual owner of the property. Therefore, the property will be exempt from attachment by creditors. The general rule is That bankruptcy creditors can only attach to assets that you actually own. If you or just living in a home, then this isn't property that you own and it cannot attach it.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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