Would it be wise to take my money out of the bank?

Do not hide it. Get advice from a good estate and probate attorney licensed in the state where you live. My best to you.

I can't advise you about that but it doesn't sound like you are in the State of WA. Our foreclosures are non-judicial. If you are in another state, there is a likelihood that the bank might pursue a deficiency, if there is one, after the properties are sold and any of your non-exempt assets could be used to satisfy it.

It is unfortunate that you were put into this situation. Hiding assets is always dangerous. You need to speak to an attorney in your area who specializes in consumer defense. You probably need to develop a detailed plan on how to legally protect your money.

Even if concealing assets might be a good idea years ago, it can only cause trouble if you try to do it while creditors in the real world are, or might be, after you. Such transfers can be undone fairly readily. BUT, if your husband was allocated these debts in divorce court, you can.

No ethical lawyer will advise you to hide your assets. That is called a ?fraudulent transfer,? and it could get you into even hotter water. On the other hand, if the Bank gets a judgment against you and finds those accounts, you will lose that money. In my mind, the better question is why your divorce lawyer gave your ex the property and left you holding the bag on the debt. You may have a claim for legal malpractice.

Under the Illinois Mortgage Foreclosure Law the mortgage bank could eventually get a judgment against you personally if you were a signer or guarantor on the mortgage notes. That assumes the property values do not satisfy the indebtedness and there is a deficiency judgment. They could then proceed to attempt to recover that judgment against you personally. It is not clear what you mean by "hiding" the money. But a competent collection attorney should be able to find those funds although there are many factors involved. In addition the judgment creditor could possibly obtain a judgment lien on your home that is paid off. Also, "hiding" money could later jeopardize your right to a bankruptcy discharge and have other negative consequences. This response does not establish an attorney client relationship with any person and is intended only as a general comment based upon very cursory facts.