Can I keep my home in Dad's Trust?

[JaLee715]

indiana. my dad died leaving a trust w/2 properties in it, his personal residence has 1st & 2nd mortgages on it, the other home I live in & rented from him (it has been on my mom's family for 200 yrs) & is owned free & clear, but he left many outstanding debts which the estate nor I can afford to pay..will I lose my personal home if I let them foreclose on his mortgaged residence? What are my liabilities on his behalf. There were no life insurance monies due to filing Medicaid. I need my life back!
Thanks!

[Edited by JaLee715 on 06-06-2001 at 01:50 AM]

 

[ALawyer]

As I understand things, based on your story, HE owned the property as an asset, and yet his total assets were less than his total debts. He was insolvent and so is his estate (unless there was life insurance). In that case the creditors can sue and take everything and/or you can seek to file bankruptcy for the estate.