What to do with truck?

[mori5964]

What is the name of your state? South Carolina.(I personally live in Connecticut, property is in South Carolina) My father died unexpectedly in November. He was paying a loan on a truck. There are 2 years left to pay(230.00per month). Our problem is my sisters and myself(I am the the Personal Representative for the estate) cannot afford to pay it off or take over payments. There is 8,600.00 left to pay and the book value is about 5,000.00. The bank has told us that they'll reposses after 2 months of non payment. If it was repoed, can a claim be made against the estate for the remaining owed on loan after aution? Thank you for any info. ~Maria

 

[hexeliebe]

Yes, but how much is in the estate to pay the debt? If the estate has nothing then it's a wash. You or sis can't be held personally liable for the debts of the estate.

 

[mori5964]

Thanks for your fast reply. Currently we have only 2,600.00 liquid cash in our estate account. We are currently waiting on finding out if there was life insurance on a condo as well. They don't give you much time to get things in order before they try to get their money. So, I guess we should just let the truck go. Thanks again.
~Maria

 

[hexeliebe]

You're welcome. And sorry for your loss.