Because of a condition ( sckitzophenia ) , the only reason I have ever had health insurance is because I have lied about my condition. As soon as the "s" word comes up I am either canceled ...
My father is a retired mechanic(owned his own business). He is 61 years old(62 in february) He is a wisconsin resident. He has a home with equity but the home is his only asset. He didn't ...
I have an independant insurance agency in Arkansas and would like additional sources of income. What business would be profitable and co-exist smoothly together?...
Idont know which policy is good and plz also tell me if i do a insurance after how munch time i can claim for that?which is smallest time priod policy and how much i have to invest for that. A...
I came to know that Single trip family travel insurance is really something to watch-on before you out on a tour.In India people do purchase health insurance and purchase medical insurance. How good ...
Your father's estate. Debt is not inheritable - but you can't inherit any money or assets until all the debts are paid.
If he passes and doesn't have enough "stuff" to sell to pay off the debt, then the lender ends up eating it.
Rick O
Sorry to hear about your loss.
Since debt can not be inherited, your father's estate will take the blow on the debt. Whatever equity he leaves behind (home, car, property, etc) that has value will be sold off to cover the amount of the debt. Only then will you be able to have access to the remaining property.
If there is a LOT of debt, you may find it better for your father to sign over any assets that he really wants you to have before he passes. Once they are in your name, the creditors can not lay claim to them. I'm not a lawyer, so I don't know the legality of this but it happened with a good friend and he was able to keep the family house without the bank getting it (his mother had a lot of debt from cancer treatments).
Also, I would HIGHLY recommend him making a will and you both speaking with a probate lawyer to find out what is the best course of action for your specific case.
Good luck.
insuranceguytx
Go talk to a lawyer. The laws vary by state and circumstances - such as to whom your father (and your deceased mother) owes money.
A lawyer can answer your questions and help you and your father make arrangements to protect his assets and help you inherit his remaining assets with the least red tape.
beauty s
Not u..
Jus_Ask
I'm sorry to hear about your lost. If there isn't a will intact or a life insurance plan the way I understand it, the remaining family will be responsible for your parent's debts. Their items will go into a probate system that the family can't touch until the debts have been paid off. This is how I understand it no promises hope it turns out well for you.
babygirl2007
no one will be resposible their debts will left undone as they leave them undone...god said in the bible undone debts should stay undone
smariona
Sorry to hear that you know what that's a good question. I would say you. If my mom or dad would pass away wish i hope they don't not at this time I think it would be me and my sister's and brother's to take care of the debts just the same way they took care of me.
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