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  1. #11
    Join Date
    Jan 2018
    Posts
    5

    Default Re: Settling Debt for a Very Tiny Estate

    He paid for the funeral himself so it is not part of the equation.

    Quote Quoting llworking
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    Yes, because the estate is insolvent he could just walk away from it.
    Is it the only solution for this problem? How can he do that? Also how about the car which is in limbo?

  2. #12
    Join Date
    Jun 2017
    Posts
    331

    Default Re: Settling Debt for a Very Tiny Estate

    Quote Quoting ceeeffoh
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    He paid for the funeral himself so it is not part of the equation.



    Is it the only solution for this problem? How can he do that? Also how about the car which is in limbo?
    If your friend has no interest in being reimbursed for the funeral expenses ( which I pointed out he is entitled to with higher priority than all other known debts other than the car loan), he can notify the lender of the car and return it to them, then walk away. The car lender will sell the vehicle and recoup their funds, and after they are done siphoning additional costs for the repossession, there will be a small amount for the unsecured creditors to fight over.

    That is if he wants to do the absolute minimum. There is nothing in the estate for him unless he goes thru probate and pay him self back for the funeral as per https://leginfo.legislature.ca.gov/f...er=2.&article=

  3. #13
    Join Date
    Jan 2018
    Posts
    5

    Default Re: Settling Debt for a Very Tiny Estate

    Quote Quoting Rock Knocker
    View Post
    If your friend has no interest in being reimbursed for the funeral expenses ( which I pointed out he is entitled to with higher priority than all other known debts other than the car loan), he can notify the lender of the car and return it to them, then walk away. The car lender will sell the vehicle and recoup their funds, and after they are done siphoning additional costs for the repossession, there will be a small amount for the unsecured creditors to fight over.

    That is if he wants to do the absolute minimum. There is nothing in the estate for him unless he goes thru probate and pay him self back for the funeral as per https://leginfo.legislature.ca.gov/f...er=2.&article=
    Thank you. I told all the issues to my friend, who said he will call the creditors and will try to settle this matter before the car, which is basically everything in the estate, is sold.

  4. #14
    Join Date
    Oct 2006
    Posts
    13,307

    Default Re: Settling Debt for a Very Tiny Estate

    Quote Quoting Rock Knocker
    View Post
    He can get reimbursed for the funeral and death expenses if he doesn't walk away, because those are higher in the food chain than unsecured debt
    That is true, if the estate can be settled without any real cost to do so. If there is going to be cost involved, he might be better off walking away.

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