Legal Question in Bankruptcy in North Carolina
My wife is facing extensive medical bills. I hope that we will be able to pay them, but I am retired and don't get much Social Security. I don't even mind going back to work, but at our ages (61 & 63), extensive co-pays will destroy us financially. I have considered bankruptcy as an option should things get really tight. My biggest concern is could I lose my home? Here's the deal. It is paid for and my name is the only one on the deed. I owned it in full when we were married 18 years ago. Thanks!
1 Answer from Attorneys
A bankruptcy could offer relief. There is not enough information to say how and when. One should be very careful in making major decisions without knowledge of the full picture. One mistake often made is transfer of property with the thought that you are sheltering it. A second mistake frequently taken is bleeding out a retirement account and then consulting someone about financial counseling. For reasons of planning, knowledge and formulation of a plan, you should consult counsel. Peace of mind is a bonus not to be overlooked. The exemption statutes allow a filer to retain limited equity real estate used as a home.
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