Legal Question in Credit and Debt Law in Illinois

Spouse-Real Estate Business/Personal Debt

My wife accumulated $84,000 ($23,000 in a home equity loan, and $61,000 in credit cards) in debt. How can I protect myself from her creditors? Should I put the extra $61,000 onto our home equity loan, or is there better options? What type of lawyer should I seek out for this whole mess? Thank you, and Happy New Year! Jeffrey


Asked on 1/12/09, 7:43 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Spouse-Real Estate Business/Personal Debt

If you co-own your home with your spouse, then you should have been involved in the home equity loan to some extent. If you signed the promissory note, you are responsible. Whether you are responsible for the credit cards depends on whether you are applicant, co-signer, guarantor, etc. Be aware that if the credit card companies obtain judgments against your spouse, those judgments could become liens against your home. You should talk to an attorney as soon as possible to protect your assets and get specific advice regarding your situation.

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Answered on 1/13/09, 9:59 am


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