Ask Experts Questions for FREE Help !
Ask
    paultrndd's Avatar
    paultrndd Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 28, 2007, 06:41 PM
    credit card debts
    My brother died leaving a total of $70K credit card debts. His wife received some life insurance benefit which exceeds $70K. Is his wife liable for the credit card debts even if she is not a co-signer? There is no estate except a residence which is a Joint tenancy property and is now solely owned by the wife and because of the decline in housing value the mortgage exceeds the market value.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Aug 28, 2007, 07:08 PM
    Hello paul:

    You say there is no estate, but there is. Depending on the value of the house, and depending on when they bought it, and depending on how much is still owed, there IS some value to his estate. Whatever that value is will have to be paid on the debt.

    There should have been a probate proceeding wherein these items would have been considered. That didn't happen?? Your sister-in-law needs an estate lawyer.

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Summons, Old Credit Card Debts [ 2 Answers ]

Hey

Summon, Old Credit Card Debts, Need Info [ 1 Answers ]

Hope someone can help. I received a summons from Attorney. Apparently my credit card debts were bought by collection agency who has sent me a summons that I have not responded to. My house is has been sold and is pending settlement. The original summons was for approximately $25,000. When a...

Statute of limitation on credit card debts [ 2 Answers ]

What is the statute of limitation in ontario canada on dept. store credit card debts? Tks northerngentleman

Deceased card debts [ 3 Answers ]

My Aunt passed away 12/27/07, she was the primary card holder. Her sister is the secondary card holder. Is she legally responsible for my Aunt who passed away debts on the credit card. One another thing, my Aunt who is the secondary card holder called the credit card company to tell them of her...

Credit Card Debts / Charged offs [ 1 Answers ]

I have 3 credit cards which two of them already reported to CRA my account as R9 ( Charged off ). I was told by so many people that credit card companies after 180 - or 210 days after first delinquency they charge off the account. And turn the account usually to collection firms. I have contacted...

View more questions Search