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