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  1. #1
    Join Date
    Dec 2012
    Posts
    17

    Default Credit Card Debt in an Estate

    My question involves estate proceedings in the state of:

    In the state of Michigan my step- father suddenly died.He had 27 credit cards in his name only with a total debt of excess of $30,000. He jointly owned a home with my mother which its value is approx. $15,000. She will be receiving his military pension ans social security as her sole income. What are her liabilities concerning this credit card debt?

    Joe Morreale

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Credit Card Debt

    How was the home titled? All his assets must be sold to pay off his debts. Any cards she was jointly liable for, she will be responsible for still.

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Credit Card Debt in an Estate

    was she a joint card holder for any of the cards?

    if not, she is not liable for any of the card debt although his estate is liable for the entire debt. Any idea how the property was held (tenants in common, joint tenants with rights of survivorship, tenants in the entirety)

    was the home a mobile home by chance? It's hard to imagine any home worth only $15K unless it is a mobile home or such.

  4. #4
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Credit Card Debt in an Estate

    Quote Quoting jk
    View Post
    was she a joint card holder for any of the cards?

    if not, she is not liable for any of the card debt although his estate is liable for the entire debt. Any idea how the property was held (tenants in common, joint tenants with rights of survivorship, tenants in the entirety)

    was the home a mobile home by chance? It's hard to imagine any home worth only $15K unless it is a mobile home or such.
    Its not that hard to imagine. In the Midwest there are hundred's of thousands of homes that used to be worth 50-100k that are now worth 5-25k due to the housing bust. Also, please realize that 6 years ago you could have a home, in a good neighborhood, in the Midwest, that was 1500 sq ft and worth 75k.

  5. #5
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Credit Card Debt in an Estate

    Quote Quoting llworking
    View Post
    Its not that hard to imagine. In the Midwest there are hundred's of thousands of homes that used to be worth 50-100k that are now worth 5-25k due to the housing bust. Also, please realize that 6 years ago you could have a home, in a good neighborhood, in the Midwest, that was 1500 sq ft and worth 75k.
    I live in an area of not highly priced homes yet none of them have reached the level of $15k. The average value of a home in MI is nearly $100k. In Detroit, the average is about $30K. Granted, that is an average but I suspect a house valued at $15k would not be legally livable.

    Depending on how title was held, it may have to be appraised to determine a value.

    and I live in the midwest in a blue collar neighborhood in a blue collar town. I just received my property value assessment from the tax assessor. The value of my house actually went down due to the issues you spoke of.

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