riven1950 wrote:
1- Talk to the Bank
2-If that does not somehow resolve it, Talk to a GOOD Bankruptcy / Estate attorney
If he truly has no assets / way to pay other than retirement income then a chapter 7 bankruptcy will likely solve the issue. I am personally against Bankruptcy but sometimes it is all you can do. It would eliminate any possibility of a judgement attaching to his income needed to pay monthly living expenses, and, as someone said the credit ding won't matter.
Resolving with the lender somehow will likely be less expensive if they are convinced they are going to take a hit one way or the other. Offer them the fee you would pay an attorney and bankruptcy court in cash to settle the debt. Some will deal, some will not.
X2. Talking to the bank shows that you are acting in good faith. If that is a no-go, then the bankruptcy attorney is probably the best way to go. In fact, during the bankruptcy, if the motorhome is sent back to the bank, the entire debt, including the potential deficiency judgement can end up being wiped, putting the matter in the past.
I also don't advocate bankruptcy, but this case, there are no real options left.
Warning: Make sure not to sign anything that makes -you- assume any of the father's debts. I've seen some companies try ruses like this in hopes of roping other people in as co-signers.
