chalupo123
Junior Member
California?
I serve as the executor of my father’s estate. It is expected to have roughly $9,000 remaining in it that will be split among the four heirs after all outstanding small debts are paid off. An RV that he was $56k upside down on was turned back into the bank (creditor) and his leased car was turned back into the dealership 2.5 years early.
When the bank comes looking for cash in a deficiency settlement on his RV and the auto finance company comes asking for their gross early termination fee for his leased car I’m either going to settle with them for pennies on the dollar or, if necessary, tell them to pound sand and declare the estate insolvent.
My question is this. He has one other $550 debt from not paying his apartment rent while he was in the hospital. If I let the outstanding debt just roll into collection the collection agency will have to get in line with the RV and auto-finance folks and wait for some settlement payment from the estate at a later date, if at all… correct?
I’m trying to keep as much money in his estate bank account as possible in order to be able to pay out as much to the heirs as possible when it's all over. An extra $550 in the kitty would be nice. That is, of course, unless the RV creditor takes the whole remaining $9k. I’m thinking since I’m unable to pay-off his RV loan ($56k expected after auction proceeds) and auto lease early termination fee, ($14k) why pay this last larger debt he also has. (Probably because I’m able to right?)
I plan on paying it but I thought I'd run it past you folks first to make sure its the right thing to do.
Your comments are appreciated.
I serve as the executor of my father’s estate. It is expected to have roughly $9,000 remaining in it that will be split among the four heirs after all outstanding small debts are paid off. An RV that he was $56k upside down on was turned back into the bank (creditor) and his leased car was turned back into the dealership 2.5 years early.
When the bank comes looking for cash in a deficiency settlement on his RV and the auto finance company comes asking for their gross early termination fee for his leased car I’m either going to settle with them for pennies on the dollar or, if necessary, tell them to pound sand and declare the estate insolvent.
My question is this. He has one other $550 debt from not paying his apartment rent while he was in the hospital. If I let the outstanding debt just roll into collection the collection agency will have to get in line with the RV and auto-finance folks and wait for some settlement payment from the estate at a later date, if at all… correct?
I’m trying to keep as much money in his estate bank account as possible in order to be able to pay out as much to the heirs as possible when it's all over. An extra $550 in the kitty would be nice. That is, of course, unless the RV creditor takes the whole remaining $9k. I’m thinking since I’m unable to pay-off his RV loan ($56k expected after auction proceeds) and auto lease early termination fee, ($14k) why pay this last larger debt he also has. (Probably because I’m able to right?)
I plan on paying it but I thought I'd run it past you folks first to make sure its the right thing to do.
Your comments are appreciated.