If my father just died but had debt and my mother sells their house for a profit, can she keep the difference?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my father just died but had debt and my mother sells their house for a profit, can she keep the difference?
Will that be taken to cover his debt? They are both on the mortgage and deed.
Asked on September 30, 2012 under Bankruptcy Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If your father just passed, his estate has to be concluded via a probate, intestate succession or a trust administration so that creditors can be paid off and assets distributed to those who are entitled to such.
Whether or not your mother can sell the home that she has presumably where your father was on title as well depends upon if title is in joint tenancy or not and if not, then the home needs to go through one of the three proceedings listed in the first paragraph answering your question.
As to what monies your mother might be able toi have from the sale of the home needs to be explored after she consults with a wills and trust attorney to see how the deed is stated with respect to the home that you have written about.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.