missmimi2007
Junior Member
What is the name of your state (only U.S. law)? New Jersey
My husband passed away last week. He had a few debts in his name alone. Two are credit cards with balances of about $3,000 total. Our newly purchased truck was also in his name alone and subject to a $10,000 lien. I reported his death to the car company and they informed me that they were going to take the truck (following their procedures) but that I could get it back later by paying the balance in full. I want to keep the truck and plan to pay the balance due with the life insurance money that I receive.
I am not sure if I should list the truck as a debt for probate since they are going to take it back. Also, I do not want the truck to become an asset. Can I pay the balance myself without having to list the truck as a probate asset. My overall goal is a insolvent estate so that the credit cards write their balances off. What should I do?
My husband passed away last week. He had a few debts in his name alone. Two are credit cards with balances of about $3,000 total. Our newly purchased truck was also in his name alone and subject to a $10,000 lien. I reported his death to the car company and they informed me that they were going to take the truck (following their procedures) but that I could get it back later by paying the balance in full. I want to keep the truck and plan to pay the balance due with the life insurance money that I receive.
I am not sure if I should list the truck as a debt for probate since they are going to take it back. Also, I do not want the truck to become an asset. Can I pay the balance myself without having to list the truck as a probate asset. My overall goal is a insolvent estate so that the credit cards write their balances off. What should I do?
