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 Posted: Wed Jul 02, 2008 2:37 pm Subject: death and debts |
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My Mom recently passed away. She owed $98,000 on her home and $17,500 on a truck. I turned the truck and the home back over to the creditors. The house is now in foreclosure. Mom did have morgtage insurance on the home The truck was sold at auction for $7500 . The truck has now been turned over to a collection agency. Am I responsible for these debts? My name is not on any of these loans. But I am the trustee of her estate.
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gwyoung10
Joined: 02 Jul 2008
Posts: 1
Debtcc Points: 22
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| Posted: Wed Jul 02, 2008 3:12 pm Subject: |
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No I wouldn't think so, however someone with more experience than I will be along shortly. I am curious to know if being the trustee of the estate if the estate has to take care of the outstanding balance on the truck, which that seems like a total rip off, owing $17,500 for a truck and they claim they sold it for only $7,500. I think I would contact an attorney on that one.
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ladybug
Joined: 29 May 2007
Posts: 2745
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| Posted: Wed Jul 02, 2008 7:21 pm Subject: |
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I'm sorry to hear about your mother. I think any money left in the estate has to goes towards the debt, once that's gone, I don't believe they can come after you for anything if your name is not on any of her accounts.
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lmale
Joined: 28 Mar 2008
Posts: 546
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| Posted: Thu Jul 03, 2008 5:08 am Subject: death and debt |
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I'm not an expert, but, I wouldn't think you're responsible for the loans..as you said.you're name is NOT on anyone of them. However, because you're the Trustee, you ARE responsible what to do with her estate. I, TOO, am sorry for your mother death.
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sdchargers_63
Joined: 08 Aug 2007
Posts: 1152
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| Posted: Thu Jul 03, 2008 5:20 am Subject: |
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So sorry to hear about your mom.
Just like a BK trustee, your role as the trustee in her estate is to liquidate all her assets and distribute any available funds for the benefit of the creditors.
You are not personally responsible for guaranteeing that the creditors get repaid. If you liquidate the assets, and there's not enough money left to pay everything off, then they are SOL. They can sue the estate in probate, but they cannot sue you personally.
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DebtCruncher
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