My father recently passed away from Liver Cancer, he ran up $18k in debt .Who is responsible for this debt?

Question

He gifted a car to me right before his death. Will creditor's come after the car????

He gifted a car to me right before his death. Will creditor's come after the car???? He was divorced and had no life insurance policy...

No money in the estate...

Answer 1

Sorry for you loss. Nobody has to pay his debt. It goes with him to the grave. You don't pay tax on the car either, it was a gift. Nobody will come after your car.

Answer 2

If he was married, his wife is responsible for the debt. If not, the creditors will take the money out of his estate - whatever money or assets he had when he died. If you can prove that he gave you the car, with a signed title or such, they cannot take it, but you will have to pay taxes on it.

Answer 3

if there was a lien on the car absolutely they will come. Otherwise i dont believe they will or can. companies write off debt all the time due to the lendees / purchasers becoming deceased. you will need to provide a copy of the death certificate in response to any company that requests payment. This will take a few months to sort out but will sort itself out eventually. if he was paying a mortgage and had death benefits in his homeowners insurance, you may have no further payments. again provide mortage co with his death certificate. if no insurance on mortgage, you will have to attempt to get debt transferred to yourself or go through probate to recover his investment. if he owned home go through a title transfer or the creditors may attempt to place a lien on property.

Answer 4

My mother just passed away from lung cancer and she accumulated quite a bit of financial debt due to all of the medical bills, etc. If there was no estate involved I was told that no one is liable for the medical bills. If, however, he was on Medicaid they can come back on the estate even if it was suppose to go to someone else in the family.

Answer 5

No I don't think if the car was already turned over to you and out of his name then NO. As for the 18K if insurance did not cover it then the hospital will more than likely right it off. If the debt was for secured items then they will Repo those items. But they shouldn't bother you.

Answer 6

They might. If property is "gifted" you will have to pay taxes on it b4 years end but there is a chance that they will take it and sell it for the value to pay off debts. In Ohio the property has to be signed over the the living party for at least 3 yrs. or the gov. can take it.

I am terribly sorry for your loss. Good luck.

Answer 7

Unless the debt was joint -- meaning the borrowers were himself and someone else (typically a spouse), the estate pays it. If there is no estate, then the creditors are SOL. Unless you signed wtth him, you are in the clear.

Sorry for your loss.

Answer 8

If it is legally in your name than no. All debt will be written off by the debtors. Just don't let them try to bully you into thinking that it is now your responsibility. I know because 3 years ago my father passed, I went thru the same stuff.

Answer 9

it depends on his agreement.In some states, after 5 years if the creditors do not pursue the case, then the debt is cancelled by itself.

Answer 10

I would think that if the title is still in his name, there might be a chance they could get it. Otherwise, I can't imagine they could come after you for any of his debts. I'm not an expert on it, though.