Is MJ's debt wiped out now?

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Ducky Luv) — Sat, 27 Jun 2009 08:49:28 GMT

If you have death insurance on your credit cards, the estate isn't responsible for paying that balance when you die. We just wrote the final checks for a couple of my grandfather's small cards. Luckily he was smart enough to make large purchases on the cards with the death insurance, so those were wiped out. He died 8 weeks ago.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (TXbeauty) — Fri, 26 Jun 2009 16:33:58 GMT

One of my aunts tried to pay off my grandma's debt when she passed. She got some of the money back because she wasn't responsible. Notice I said some.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Samantha James) — Fri, 26 Jun 2009 16:27:27 GMT

McKennaWasBanned wrote:

Samantha James wrote:

NancyOttawa wrote:
It hardly seems fair that a next-of-kin should assume someone elses debt except if it was taken from their proceeds from the Estate. But if there isn't enough in the Estate to cover the debts, then it wouldn't seem...

Re: Is MJ's debt wiped out now?

feeds@yuku.com (jawnyquest) — Fri, 26 Jun 2009 15:22:24 GMT

the family doesnt have to.. they just get pressured into it

Re: Is MJ's debt wiped out now?

feeds@yuku.com (AlfTheGreat) — Fri, 26 Jun 2009 15:12:57 GMT

Ok, McKenna. I guess the rules have changes since my family went through it. You would know.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (JayneOC) — Fri, 26 Jun 2009 15:11:08 GMT

Keep in mind that some businesses aren't honest when they bully someone into paying a debt.

They can easily make someone who doesn't know any better think that are REQUIRED to pay the debts of a deceased loved one. Unless it's a shared debt, no way.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (AlfTheGreat) — Fri, 26 Jun 2009 15:04:55 GMT

It's not a cut and dry answer. It depends on the type of debt, the amount, the state of residence, the length of the debt, assets, how the will is probated, and on and on.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Diane99) — Fri, 26 Jun 2009 15:04:03 GMT

AlfTheGreat wrote:
It may differ from state to state, but if it's a large amount of money like millions of dollars, they don't just forget about the debt. Or if it's a mortgage, the person who inherits the house also inherits the mortgage. That's what I can remember from when Dad died, and I'm sure it differs by state and type of debt.

I think you are simply mixing up the inheritor with the...

Re: Is MJ's debt wiped out now?

feeds@yuku.com (cryinblue) — Fri, 26 Jun 2009 15:03:24 GMT

EndlessNameless wrote:
But Paul is older than Michael, leaving him the songs isn't so wonderful. He shouldn't have had them in the first place

Well, someone was going to get HALF of the publishing rights no matter what.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (seaner23) — Fri, 26 Jun 2009 15:01:26 GMT

obviously i'm not talking about hundreds of millions of dollars but when my dad died the credit cards that he had IN HIS NAME ONLY were wiped away. my mom called them to see what the procedure would be and they told her "well if you want to pay us something, even a token amount, you can" but nothing was required. i think she paid them a few thousand (only because that's the type of person my mom is, lol) but she wasn't legally obligated.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (EndlessNameless) — Fri, 26 Jun 2009 14:59:56 GMT

I can't help you, I haven't taken wills and trusts yet

Re: Is MJ's debt wiped out now?

feeds@yuku.com (AlfTheGreat) — Fri, 26 Jun 2009 14:58:51 GMT

It may differ from state to state, but if it's a large amount of money like millions of dollars, they don't just forget about the debt. Or if it's a mortgage, the person who inherits the house also inherits the mortgage. That's what I can remember from when Dad died, and I'm sure it differs by state and type of debt.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Diane99) — Fri, 26 Jun 2009 14:56:11 GMT

McKennaWasBanned wrote:

Samantha James wrote:

NancyOttawa wrote:
It hardly seems fair that a next-of-kin should assume someone elses debt except if it was taken from their proceeds from the Estate. But if there isn't enough in the Estate to cover the debts, then it wouldn't seem...

Re: Is MJ's debt wiped out now?

feeds@yuku.com (NancyOttawa) — Fri, 26 Jun 2009 14:55:33 GMT

Ok, now I'm confused!!

Re: Is MJ's debt wiped out now?

feeds@yuku.com (AlfTheGreat) — Fri, 26 Jun 2009 14:54:21 GMT

McKennaWasBanned wrote:

Samantha James wrote:

NancyOttawa wrote:
It hardly seems fair that a next-of-kin should assume someone elses debt except if it was taken from their proceeds from the Estate. But if there isn't enough in the Estate to cover the debts, then it wouldn't seem...

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Mistress Darcy) — Fri, 26 Jun 2009 14:52:59 GMT

Courtney Love1 wrote:
Okay, are there any law students here?

I thought the only people who had to pay a dead person's debt was either a spouse (if the debt was in a shared name) or someone who shared property with the deceased.

Who the hell is somene FORCED to pay someone else's debt?

The way my mom has always described it is that they can take the property/inheritance money to...

Re: Is MJ's debt wiped out now?

feeds@yuku.com (99thdegree) — Fri, 26 Jun 2009 14:51:46 GMT

I don't know how anyone knows who he left it to since CNN isn't even sure if he had a will. Not to mention he had 300 million dollars in loans that were out with the catalog as collateral. We don't even know if the current value of the catalog is more than what he had out on it.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Courtney Love1) — Fri, 26 Jun 2009 14:50:48 GMT

Okay, are there any law students here?

I thought the only people who had to pay a dead person's debt was either a spouse (if the debt was in a shared name) or someone who shared property with the deceased.

Who the hell is somene FORCED to pay someone else's debt?

Re: Is MJ's debt wiped out now?

feeds@yuku.com (Diane99) — Fri, 26 Jun 2009 14:50:01 GMT

jetsetter4eva wrote:
His shows he was doing in London were going to be the debt payment..He was going to gross $400 million

I heard on the news this morning that the promoters had already advanced him $85million. The estate will now be liable to pay that back.

Re: Is MJ's debt wiped out now?

feeds@yuku.com (EndlessNameless) — Fri, 26 Jun 2009 14:49:37 GMT

But Paul is older than Michael, leaving him the songs isn't so wonderful. He shouldn't have had them in the first place

Is MJ's debt wiped out now?

feeds@yuku.com (Sham99) — Fri, 26 Jun 2009 14:17:13 GMT

I heard the news saying that he was $400 million in debt. So that debt automatically gets wiped out when you pass away right? It doesn't pass on to your next of kin?
I'm thinking that from this point on... all future music sales will actually go to his children now since they are next of kin. Before he was in debt so he wasn't profiting. But now maybe the money will actually come in for his family.