Posted on: 17th Sep, 2010 10:31 am
I'm afraid I'm going to lose my job at 73 years old. I'm on social security & I have about $10,000 in dept. We live in a mobil home that is paid for but we have space rent.
How can I keep my home from my creditors.
We will have to live on social security alone.
We had some mutual funds but they were cut in half during the recession. We took that money & paid off our home.
How can I keep my home from my creditors.
We will have to live on social security alone.
We had some mutual funds but they were cut in half during the recession. We took that money & paid off our home.
Hi snpmenke,
If the mobile home is paid for, then your creditors can place a lien on it to recover the dues. It will be difficult for you to safeguard the property. Though you place the property in a revocable trust, the creditors will be able to take it in order to recover their dues. If your creditors haven't filed any judgment against you, then you can transfer the property to your heirs which will help you in saving the property.
Thanks
If the mobile home is paid for, then your creditors can place a lien on it to recover the dues. It will be difficult for you to safeguard the property. Though you place the property in a revocable trust, the creditors will be able to take it in order to recover their dues. If your creditors haven't filed any judgment against you, then you can transfer the property to your heirs which will help you in saving the property.
Thanks