Question for Adults.

[Fledermaus]

My grandfather recently passed away. He and my grandmother adopted me. I've spent the last 5 years taking care of them. While I was in college ( I have an Associates Degree in Electronics and another in Programming). my grandmother asked me to move back home because she and my grandfather could no longer drive, or adequately take care of themselves. My grandmother passed away in 2004, so for the last almost 4 years I have taken care of my grandfather. Cooking, cleaning, doctor appointments, the whole 9 yards. Consequently, I was unable to get a job, as he required 24/7 care for the most part. As I said, he passed away recently, leaving me with a house, two cars and almost 90,000 dollars in debt. This was not completely unexpected, however. I was expecting some insurance to help. But it turns out my grandfather canceled the insurance policy that was to cover his funeral/burial expenses, and the other policies that were supposed to go to me aren't. To sum up this paragraph, I am, basically, f#cked. I haven't really had a chance to mourn as I have had to get my s#it together instead. What I'm asking is this: Has any Hypster ever had an experience close this? What the hell should I do? There's about 8000 is credit card debt, do I have to pay that? We have a line of equity against our house at $620.00 a month for 15 years, I can swing that, but I need to know what my options are with the other things. I'm seeing our lawyer on Dec. 6, but I would just like to hear some other opinions. Thanks.

 

[jaguarr]

Sorry to hear about your grandfather, man. Sounds like he left a real mess for you to contend with. I'm glad you've got some time set up to talk with your lawyer about all of this. He should be able to provide the best approach to dealing with this for you, and it could even include some form of bankruptcy. Some creditors will forgive a debt when the original debtor dies, some won't, so you may be able to make a bit of headway there. There's some options available to you, legally, so all is not lost, though. Definitely get with your attorney and look at all your options and maybe spend some time searching Google to see if you can find any info on debt liability in the event of death for your particular state (as it can vary from state to state) as well as at the Federal level. Good luck and, again, sorry for your loss.

jag

 

[Badger]

I don't think you will be responsible for the CC debt. The CC company may try to get some money from the estate, before it goes anywhere else. Most of the debt should be handled this way, unless you are taking possession of it (house, cars, etc).

I've never been in that position, but it's my limited understanding.

Hopefully every thing works out for the best.

 

[TBadora]

My grandfather recently passed away. He and my grandmother adopted me. I've spent the last 5 years taking care of them. While I was in college ( I have an Associates Degree in Electronics and another in Programming). my grandmother asked me to move back home because she and my grandfather could no longer drive, or adequately take care of themselves. My grandmother passed away in 2004, so for the last almost 4 years I have taken care of my grandfather. Cooking, cleaning, doctor appointments, the whole 9 yards. Consequently, I was unable to get a job, as he required 24/7 care for the most part. As I said, he passed away recently, leaving me with a house, two cars and almost 90,000 dollars in debt. This was not completely unexpected, however. I was expecting some insurance to help. But it turns out my grandfather canceled the insurance policy that was to cover his funeral/burial expenses, and the other policies that were supposed to go to me aren't. To sum up this paragraph, I am, basically, f#cked. I haven't really had a chance to mourn as I have had to get my s#it together instead. What I'm asking is this: Has any Hypster ever had an experience close this? What the hell should I do? There's about 8000 is credit card debt, do I have to pay that? We have a line of equity against our house at $620.00 a month for 15 years, I can swing that, but I need to know what my options are with the other things. I'm seeing our lawyer on Dec. 6, but I would just like to hear some other opinions. Thanks.

I sincerely hope you the very best. I hope you pull out of this okay and end up making a ***** load of money for being the great person you were for your grandparents. I think things will turn out for the best. I think you should look into services that help those in your situation, but be warned as most of them will likely try to scam you out of more money.

 

[Fledermaus]

What are you talking about, debt consolidation and the sort?

 

[TBadora]

What are you talking about, debt consolidation and the sort?

Yes sir. I know that they aren't much help at times. They may be helpful in your situation. I am sorry I am not much help.

 

[chaseter]

You first off have my greatest sympathy and that truly sucks. I would talk with the family lawyer as someone mentioned and think about liquidating assets like the house and cars to pay for the debt, if of course they own the house and cars. If not, I am truly sorry that they left such a burden upon you and that is truly wrong.

 

[Fledermaus]

I have a quit claim deed on the house. It states that at the time of his(my grandfater) death, ownership will fall to me. Unfortunately, the debt does as well. The credit cards concern me the most. I have heard conflicting stories about the debt burden of them. I am seeing the family lawyer, I'm just looking for tips, as I have never been a situation like this before.

 

[TBadora]

Chaseter made a good suggestion. Sell everything you can and start anew.

 

[Fledermaus]

The house has a lot of memories, I grew up here. And I really want to raise my daughter here. And if you think about, I could never afford a house a nice as the one I'm in. I have virtually no credit, as I have no work history for the past 5 years whatsoever.

 

[TBadora]

The house has a lot of memories, I grew up here. And I really want to raise my daughter here.

Save that suggestion as a last resort then.

 

[EdRyder]

Been there.My father died of a heart attack in 97.You be smart and listen to jaguar.And if anyone physically comes to your door or calls you, you tell em to **** off.Dont give them your lawyers card or even listen to them because if you give them an inch they wont let up.And they'll be coming out of the woodwork now.Leave it to your lawyer to find out what debts are legitimate

 

[chaseter]

The house has a lot of memories, I grew up here. And I really want to raise my daughter here. And if you think about, I could never afford a house a nice as the one I'm in. I have virtually no credit, as I have no work history for the past 5 years whatsoever.

You have no credit now that you are 90 k in debt. Keeping a large house and paying those bills will only surmount the debt. Sell it, get your feet back on the ground, and then start raising a family. Raising kids while you are in debt is no way to start off their life. You don't know what the future holds and if you don't do something drastic, you will be paying debt until you die.

 

[TBadora]

I'm gonna go ahead an tell you to avoid using debt consolidation services, unless you really have to. They really do more damage than good at times.

 

[TBadora]

Fledermaus, I just got another idea. If you can, find a small cheap and dirty place to live for a little while, after you have found a job/work. If the house is already paid for, consider renting/leasing it out for a few years. Although this will not pay off the entire debt, it will take a significant chunk out over the years. Over time, it may be worth the while. In the end the house will be yours, but raising your daughter there may be an issue.

 

[Badger]

Bottom line - talk to your lawyer and have him/her handle those trying to collect on the debt and getting the estate turned over to you. After that take a look at where everything stands and make the decision that best suits your family.

 

[Eggyman]

You have no credit now that you are 90 k in debt. Keeping a large house and paying those bills will only surmount the debt. Sell it, get your feet back on the ground, and then start raising a family. Raising kids while you are in debt is no way to start off their life. You don't know what the future holds and if you don't do something drastic, you will be paying debt until you die.

You clever

 

[tzarinna]

I'm really sorry to hear of your grandfathers passing and all the debt you've incurred. Jag said it best about the bankruptcy. I can't remember which the details on them, mine was to prevent foreclosure and they consolidated my debts and garnished my check to pay creditors. I still of course had to pay my mortgage each month.

Was your grandfather in the hospital when he passed? I worked in long term health care and there was always a social worker that assisted families in these times, they had all the answers on burial, state assisted and such.

I found that thumbing through your local yellow pages you can find a lot of information and groups/organizations that could help. That's how I learned about bankruptcy.

Good luck and keep us updated.

 

[Sensi]

You have my deepest sympathy. Your attorney will give the best advice for you in your area. Make sure you carry a list of what you want to ask him with you because at times like these it is easy to forget.

 

[bullets]

i'd sell one of the cars , keep the house and go for bankruptcy. good luck and keep a positive outlook i hope things go in your favor.

 

[TBadora]

Bankruptcy is difficult to impossible to erase. Keep that as a last resort too!

 

[Scarlet spidey]

Bankruptcy is difficult to impossible to erase. Keep that as a last resort too!

Yeah, I was going to suggest it.. but if you do it. Good luck getting a loan. If you want a new car you're probably going to have to pay up front for it.
Same goes for a house, too.

 

[tzarinna]

Hmm, I bought a new car and a house, my bankruptcy did taint my credit but he has $90K in debt what else but bankruptcy is the option?

 

[VICTORVONDOOMX]

All I have to say is:
When crap that bad happens to someone so nice... makes me glad I'm EVIL!

 

[TBadora]

Hmm, I bought a new car and a house, my bankruptcy did taint my credit but he has $90K in debt what else but bankruptcy is the option?

Let's not jump to conclusions here.