Father passed and left 33K in CC debt

[Whiskette32]

What is the name of your state?What is the name of your state? Illinois

My father passed away two weeks ago. He left roughly 35K in total debt but less than $54.00 in a checking account, $2400 in a stock/bond account, no savings or safety deposit box to be found. He has roughly 60K in tools for assets (he was a mechanic), and a condo that he still owes 88K on. I have notified his CC's of his passing, but want to know what if anything I have to pay them. Can they put a lein on the condo? What is the best way to negotiate, if that is the case? We would rather hang on to the property as an investment if we can.

Thanks for your help.

Jennifer

 

[seniorjudge]

What is the name of your state?What is the name of your state? Illinois

My father passed away two weeks ago. He left roughly 35K in total debt but less than $54.00 in a checking account, $2400 in a stock/bond account, no savings or safety deposit box to be found. He has roughly 60K in tools for assets (he was a mechanic), and a condo that he still owes 88K on. I have notified his CC's of his passing, but want to know what if anything I have to pay them. Can they put a lein on the condo? What is the best way to negotiate, if that is the case? We would rather hang on to the property as an investment if we can.

Thanks for your help.

Jennifer

You need to set up an estate. Hire a probate lawyer.

 

[Whiskette32]

Reply re CC debt & estate

Illinois

He had a will. I am the sole heir, however I was not listed as the executor so we are going to probate with that, since the others he appointed at the time are no longer around.

I would still like to know what recourse the credit card companies have against the estate, or if I can negotiate now to avoid leins against the property.

Jen

 

[JETX]

He had a will. I am the sole heir, however I was not listed as the executor so we are going to probate with that, since the others he appointed at the time are no longer around.

What does that mean?? Are the named executors deceased?? If so, then you can petition the probate court to be named as the personal representative.

I would still like to know what recourse the credit card companies have against the estate, or if I can negotiate now to avoid leins against the property.

The executor will have to let the creditors now of the estate. They will then file their claims. The executor will also have to 'gather' all the assets and use them to pay the valid claims of the debtor. After all claims have been paid, then any remaining assets are distributed to the heirs in accordance with the terms of the will. If you are the only heir, you may have to pay the creditors off in return for keeping the property.

I suggest you read the information at: www.illinois-attorney.com/probate.htm