What is the name of your state (only U.S. law)? CA
My dad recently passed away and I'm inquiring about unsecured debt ranging from credit card debt, lines of credit, and store credit cards. All "debt" was listed in my dad's name only and my mom was not listed as a joint owner/co-signer.
I've been doing some reading online and wanted to confirm my thoughts. All debt obligations would need to be repaid by the trust. Since CA is a communal property state (California Probate Code section 11444(b)), if the assets from the trust are not enough to pay off the debt, then my mother would be responsible for repayment of the debt.
Looks like there's now way around it and we should try to negotiate with the creditors.
Thanks is advance,
Ray
My dad recently passed away and I'm inquiring about unsecured debt ranging from credit card debt, lines of credit, and store credit cards. All "debt" was listed in my dad's name only and my mom was not listed as a joint owner/co-signer.
I've been doing some reading online and wanted to confirm my thoughts. All debt obligations would need to be repaid by the trust. Since CA is a communal property state (California Probate Code section 11444(b)), if the assets from the trust are not enough to pay off the debt, then my mother would be responsible for repayment of the debt.
Looks like there's now way around it and we should try to negotiate with the creditors.
Thanks is advance,
Ray