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asmaddux · Jan 20, 2011, 03:26 PM

My father recently passed away and we have discovered he left a pretty large amount of credit card debt. He had very little in savings and checking. About all he has is property that he owned. We three children are inheriting the property, which is clear of any debt. After paying the funeral expenses, there won't be much cash left. Will we be forced to sell or take out a loan on the property to pay the credit card companies? I don't know how to deal with the credit companies. Any help would be appreciated.

tickle · Jan 20, 2011, 03:40 PM

It all depends on how old the credit card debt is. It may be passed the statute of limitations for your state. What state are you in ? If it is passed the statutes then you can forget about it, although you will probably hear from collection agencies after the fact, you just ignore them.

asmaddux · Jan 20, 2011, 03:53 PM

We are in Georgia. And no, most of them are recent. Any suggestions?

ballengerb1 · Jan 20, 2011, 04:30 PM

Did dad leave a will? His estate, big or smal, must be passed through the probate courts who will determine who pays what. The credit card company debt is going to be paid via the probate courts. Who is the executor of his estate? PS notify the credit card company of dad's passing and necessity of probate. Sorry for you lose

Fr_Chuck · Jan 20, 2011, 05:35 PM

How was the property owned, how did the property transfer

But the debt may have to be paid by probate though the value of the property

ballengerb1 · Jan 20, 2011, 07:45 PM

Here are two key issues to remember "are inheriting the property, which is clear of any debt" You have not inherited it just yet and the prroperty isn't really debt free if it was one of his asset.