I am not sure if this is a stupid question, but need to know if we have to pay or not.
This all takes place in NY. My father, through very poor judgment, ends up with about 17,0000.00 in credit card debt. He passes away in July, and we, as the beneficiarys of his financial mess, are left to figure out how to settle everything.
My father apparently allowed other people to use his card to purchase things for him since he was immobile enough that he couldn't buy them himself. It appears the other person(s) decided to purchase other things like yard tools, electronics and other pawnable equipment in large quantities. My father, seemingly oblivious to this fraud did not attempt to close the accounts or take the crooks off them.
Now the question comes to the surface: Even though my father may inadvertently be held liable for the consumer debt that these people racked up for him, once he dies does that mean that his children have to pay off this debt? He died without a penny to his name, and left us with about $17,000 in personal debt, and a faultering business (a c-corporation as far as I know). $5,000 was forgiven (thankfully by Sears & Robuck, but Capital One is demanding payment.
The debts and creditors of the business will be paid by the sale or auction of the business or it's assets (which isn't much) Does any funds left over from the business getting settled leak over to his personal debts? Do we have to pay his creditcard debt from the funds of his business... or if he has no business funds left after the creditors get paid, do we as his children have to fork over our personal money to Capital One?
It seems to me that consumer debt isn't transferrable to others not signed on the account so I don't see how, but Capital One is really breathing down our necks and I want to know if we have a legal leg to stand on.
This all takes place in NY. My father, through very poor judgment, ends up with about 17,0000.00 in credit card debt. He passes away in July, and we, as the beneficiarys of his financial mess, are left to figure out how to settle everything.
My father apparently allowed other people to use his card to purchase things for him since he was immobile enough that he couldn't buy them himself. It appears the other person(s) decided to purchase other things like yard tools, electronics and other pawnable equipment in large quantities. My father, seemingly oblivious to this fraud did not attempt to close the accounts or take the crooks off them.
Now the question comes to the surface: Even though my father may inadvertently be held liable for the consumer debt that these people racked up for him, once he dies does that mean that his children have to pay off this debt? He died without a penny to his name, and left us with about $17,000 in personal debt, and a faultering business (a c-corporation as far as I know). $5,000 was forgiven (thankfully by Sears & Robuck, but Capital One is demanding payment.
The debts and creditors of the business will be paid by the sale or auction of the business or it's assets (which isn't much) Does any funds left over from the business getting settled leak over to his personal debts? Do we have to pay his creditcard debt from the funds of his business... or if he has no business funds left after the creditors get paid, do we as his children have to fork over our personal money to Capital One?
It seems to me that consumer debt isn't transferrable to others not signed on the account so I don't see how, but Capital One is really breathing down our necks and I want to know if we have a legal leg to stand on.
