Forum Discussion
bigdogger
Jan 08, 2014Explorer II
The ramifications are going to be to him and to his estate, assuming his wife is not living. If he has no estate, having a voluntary repossession (what would happen should you decide to turn it over to the bank) will result in a judgment that will be dismissed by his death. If he has an estate, use some of the assets from that estate to pay the deficiency balance once you sell the rig. Any hit to his credit rating will be moot, since once he moves into a care facility, he will have no need for credit.
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