Quit Claim Deed

[dano100]

My mother-in-law, who is in her 80's had my wife sign a Quit Claim Deed to her house last year. She has the Life Estate provision which means she has the right to stay in the house until she dies.

Just recently my wife lost her job and to make a long story short we may be in very deep financial touble in less than a year.

If we end up in foreclosure or BK can the creditors come after my mother-in-law's house since my wife is now on the deed or would it be off limits until my mother-in-law dies? What if she would die during a BK or foreclosure proceeding?

[Minnymouth]

This you really need to discuss with an attorney.....

But I beleive since your MIL holds a Life Estate Provision on the home that the trustee cannot bother it in bankruptcy.....

Now if she should die during the bankrtupcy process or within one year of the process being closed, then the trustee can reopen the case and file against the asset......

An attorney can really help you with the options and outcomes of this type of deed................

Keep us posted......