Q: How do we handle creditors who want the inventory information in order to settle accounts for less than 50%?
We have about 23,000 in the estate account to pay creditors. We are not selling the house willed to us because my husband and I live their with our kids. There is about 53,000 worth of debt. Medical, 1 credit card, and 2 home improvement loans. Some of the creditors wants a debt to asset ratio in order to understand why we can't pay debt in full or even at 50%. Should we provide this information? we offered the no less than 30% but still receiving no's. What happens if they never accept our offers? Will we be forced to sell our home?
A: This sounds like a very technical question that I couldn't answer without seeing all of the paperwork. My advice is that you get all the paperwork in front of an attorney and let them advise you more completely.
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