East Orange, NJ asked in Estate Planning for New Jersey

Q: My father died and owes $30k in car loan debt after death. The estate does not have $30k. How to start debt negotiation?

Related Topics:
2 Lawyer Answers
H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: Contact the holder of the note (debt) and ask. That being said many lawyers specialize in debt reduction and generally have a much better chance of success then you, but of course a lawyer is not free and will cost money

Steven J. Fromm
Steven J. Fromm
Answered
  • Estate Planning Lawyer
  • Philadelphia, PA

A: You can reach out to the lender to negotiate a settlement. Explain the circumstances and let them know the estate cannot pay the obligation. Try to enter into an agreement to pay as little as possible. Any settlement should be put into an agreement that is signed by the parties. Do not pay anything until this settlement agreement is fully in place and signed by the lender.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.