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if my father dies with debt, do I have to pay his debt?

if my father dies with debt, do I have to pay his debt?

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Posted in credit on Feb 05, 11 at 3:51AM
My father was going over his will tonight, and he may die soon, but i got to thinking, all of his credit cards he stopped paying on 8 years ago, if he dies, will the creditors take his house or the proceeds from the sale of it?
I'm sure it may vary by state, but here in NY - YES - The estate is responsible for paying any outstanding debts. At 8 years old there could be SOL arguments.
 
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They could win a judgement against his estate to settle outstanding debts. If that is what you meant by "Do I have to pay his debt" (Them claiming property or funds which would be yours) then yes. However, you are not personally bound to settle his debts.
 
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They could win a judgement against his estate to settle outstanding debts. If that is what you meant by "Do I have to pay his debt" (Them claiming property or funds which would be yours) then yes. However, you are not personally bound to settle his debts. wow, then that means he will leave us nothing, that is sad, real sad. Not that we want anything, but just the fact that those creditors with their crazy gorilla interest math are going to get everything my parents worked for.
 
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If there are no liens against the house, ie it's paid off, then he could probably sell it to you for $1 NOW. Then the house is no longer part of the estate.
 
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They could win a judgement against his estate to settle outstanding debts. If that is what you meant by "Do I have to pay his debt" (Them claiming property or funds which would be yours) then yes. However, you are not personally bound to settle his debts. In his will he likely named and executor. After his death the executor will have the will probated and the court will issue an order to have all creditors "make a claim on the estate". The executor is required to pay all "lawful" claims and can dispute claims. There is a time limit on when they can be claimed (don't know about NY). More importantly, an 8 year old crdit card debt is likely time barred and uncollectable.
 
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a creditor filed a judgement for $10k against it 4 years ago here in Texas.
 
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a creditor filed a judgement for $10k against it 4 years ago here in Texas. I always find it helpful when trying to help someone if they post all the facts instead of doling out new facts as they go along.
 
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Does your family have a VERY trusted "friend" that the estate can be left to? I'm in WI and my Dad wrote my Mom as his sole beneficiary but she didn't have to pay any of his bills BECAUSE THEY WERE DIVORCED, translate as NOT immediate family (she did file & pay his last owed taxes). Probably doesn't help, but first thing thought of. Teri
 
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Won't make any difference because the estate will have to satisfy the lien before any beneficiaries get anything.
 
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If that 10K lien is the ONLY thing against it my suggestion is to pay it off in exchange for an IMMEDIATE lien release. Get a mortgage, personal loan put in on a cc - whatever it takes. Then have him sell you the house for $1. Even if the debts are SOL they can still hold things up for a long long time.
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