Dealing with debt from Grandparents
Date: Sun, 04/15/2018 - 22:25
I have a grandmother who owns the home she lives in.
She also has a lot of debt that is likely to outlive her.
I'm in line to inherit the home, however I believe i'm correct in assuming that if she dies with any debt, her home will be used as an asset to pay that off first before i'm able to inherit?
If this is true, is there anything that can be done while she is still alive (and that is within the law) to avoid this?
Seeing as her home is her only asset, is there any form of bankruptcy that would allow her to keep her home and forego her debts?
Or, would an option be for her to sign over the home to me, thus releasing her of any assets that she may own? (Yes that does seem sketchy, and i'm not sure if it's legal or not as a loophole)
Thanks!
She also has a lot of debt that is likely to outlive her.
I'm in line to inherit the home, however I believe i'm correct in assuming that if she dies with any debt, her home will be used as an asset to pay that off first before i'm able to inherit?
If this is true, is there anything that can be done while she is still alive (and that is within the law) to avoid this?
Seeing as her home is her only asset, is there any form of bankruptcy that would allow her to keep her home and forego her debts?
Or, would an option be for her to sign over the home to me, thus releasing her of any assets that she may own? (Yes that does seem sketchy, and i'm not sure if it's legal or not as a loophole)
Thanks!
How old is your grandmother?
How old is your grandmother? How much does she owe? What is the fair market value of the home?
Did you check the SOL of the
Did you check the SOL of the debts? Are you sure the debts are not expired? In which state she lives in?
Do your grandmother have any
Do your grandmother have any regular income? If she does, then you can file for chapter 13 bankruptcy. Here your grandmother can keep all of her property but she need to payback all or a portion of the debts through a repayment plan.
