Legal Question in Real Estate Law in Wisconsin

Yes, even if one property owner records a quitclaim deed to another, the creditors (including but not limited to medical creditors) could still sue the remaining owner in order to get the property back, assume that they can prove that the transfer was made in order to frustrate collection efforts for just debts. Such a lawsuit to re-title the property can sometimes be brought as long as four years after the transfer and is known as a "fraudulent conveyance." If you are facing any of these possibilities, you should promptly speak with an experienced bankruptcy lawyer in order to discuss whether or not there might be a better way to protect your partner's interest in this property. Wisconsin exemptions allow one to retain a home with a net worth (after deducting all mortgages and liens) of up to $75,000 (or $150,000 for a married couple), free from all claims of general unsecured creditors. With proper legal representation and planning, chapter 7 bankruptcy easily discharges medical debt for most persons in a middle class (or lower) income range. Even higher income people can discharge medical debt, although those who are above the state median income (after deduction of monthly payments on secured debts such as mortgages and auto loans) might sometimes need to pay a small percentage of the total via a chapter 13 plan. For the record, I need to remind you that my answering this question on Law Guru is not legal representation for any purposes. If you want clarification of this answer, or should you wish to retain me, you may set up a no obligation appointment (either telephonic or in person) by calling my office at 262-633-3090, or by emailing me at [email protected]. You can also see me on the web at www.jayknixonlaw.com, where you will find links to many years of public online answers to consumer questions, arranged by topic. Answers and links may contain attorney advertising.