Corash & Hollender, P.C.

Worried about Medical Bills

An elderly couple worried that they would lose their home because the could not affort the co-pays and co-insurance not covered by Medicare.

They lived a comfortable life for many years after retirement by getting a reverse mortgage. But now in their 80's,  they both had been hospitalized several times and were receiving frighteningly large medical bills.

Their pensions and social security did not leave them with a cushion for emergencies.

I explained that there was no emergency: collectors don't sell homes; and retirement income is exempt from creditors. What property is safe from creditors and bankruptcy trustees? 

Bankruptcy might be a possibility in the future, if medical bills ended, to protect the home equity (value above the mortgage) for their children to inherit.

Each owner on the deed is entitled to $165,500 in home equity, which a bankruptcy trustee cannot take from them. Since there was less than $165,500 in equity in their house, the last to survive could still file for bankruptcy, as the sole owner of the house, and still get rid of the judgment liens, so the house could be sold and the equity given to the children instead of the creditors.

No Comments

Leave a comment
Comment Information
Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-442-4424.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

Leave a review

Review Us
Back to Top