Any Bankers on here?
Some of my Senior Single friends purchase RV's on the "Thousand dollars down and twelve years to pay it off" plan. My question is, "What happens when they expire three years into the twelve year co...
Forum Discussion
DownTheAvenue wrote:Lwiddis wrote:
Well, Down, sorta in California. Debts are paid in a specific order - see Probate Code Section 11420. A vehicle loan is in class (7). Way down the line.
I thought I was clear, the assets of the estate pay any remaining debts. If the assets of the estate do not cover all the debts, then anything left is just written off by the creditor. It doesn't matter in what order the debts must be paid. Again, DEBT CANNOT BE INHERITED. There is no, "sorta in California..."
I don't see a problem with the quoted section. all that is stated is that there is a pecking order for who gets their money due first.
bumpy
