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. 
Is MJ's debt wiped out now?
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 Sham99 |
Is MJ's debt wiped out now? |
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Posts: 21756 (06/26/2009 2:17 PM) |
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 moussemaker |
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Posts: 18061 (06/26/2009 2:18 PM) |
Sham99 wrote: I heard the news saying that he was $400 million in debt.I doubt that number very much. |
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NancyOttawa |
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Posts: 6245 (06/26/2009 2:18 PM) |
I heard Nancy Grace say that last night also and I was stunned. I thought that the creditors would then have the right to sue the Estate to recoup part of
their losses
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bigredmunkeebutt |
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Posts: 13685 (06/26/2009 2:19 PM) |
Actually, all of your debt doesn't die with you. Some does, but not all. Whatever you owe, especially to the IRS, comes out of your estate.
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AlfTheGreat |
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Posts: 30892 (06/26/2009 2:19 PM) |
I thought the next-of-kin or inheritor assumed the debt, as well? Maybe that's just for non-celebrities.
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becky711 |
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Posts: 2471 (06/26/2009 2:22 PM) |
The debt doesn't go away, but with all the CDs,DVDs and memorbilia that he is selling right now and will be selling the next couple of weeks. I'm sure
most of his debt will go away.
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NancyOttawa |
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Posts: 6246 (06/26/2009 2:22 PM) |
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 right that someone else has to pay the debts off out of their own pocket!
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dawn9476 |
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Posts: 22773 (06/26/2009 2:23 PM) |
No. It would fall to his estate.
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becky711 |
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Posts: 2472 (06/26/2009 2:24 PM) |
NancyOttawa wrote:not fair, but it's true... it's what my family is going through since my grandmother died a month ago. she was REALLY in debt, and we have to pay for most of it. |
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the lakes slave |
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Posts: 62375 (06/26/2009 2:25 PM) |
No, your debt doesn't just disappear. Haven't you ever heard stories of families having to deal with generations old debt? It's a bitch.
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Samantha James |
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Posts: 14304 (06/26/2009 2:25 PM) |
NancyOttawa wrote:Yeah, it's bullshit. But that's the law. 
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PuraVidaPanama |
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Posts: 15583 (06/26/2009 2:26 PM) |
Depends on how his estate was set up. My parents have some clause in their mortage that if they die, the house goes to us and it's paid for. Same with some
other major assetts/purchases. Don't really know how that works, though
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Mistress Darcy |
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Posts: 9884 (06/26/2009 2:26 PM) |
It sucks that you can make that much money and still die in debt.
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elites renee |
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Posts: 22422 (06/26/2009 2:26 PM) |
My family had to pay my grandfathers debt off.
I can't imagine facing my fathers debt, and then facing the fact that he owed so much money. |
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99thdegree |
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Posts: 29055 (06/26/2009 2:27 PM) |
CNN just said Forbes estimates he was in up to a 1/2 billion dollar debt. Its unclear that all his assets will exceed it. Creditors will go after the assets to
pay off of his debt. He used the Sony thing as collateral on over 300 million in debt. Its not just going to go away because he died.
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NancyOttawa |
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Posts: 6248 (06/26/2009 2:27 PM) |
Wow, that totally sucks!!! So how can a next-of-king protect themself from say a parent that overspends and has credit card debt up the ying yang and the adult
children try and try to stop them from paying and are barely making ends meet themself. Is there anything they can do beforehand to protect themself?
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sarahs8 |
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Posts: 1501 (06/26/2009 2:28 PM) |
damn
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NancyOttawa |
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Posts: 6250 (06/26/2009 2:33 PM) |
Then someone needs to tell Nancy Grace that she's an idiot! Also last night, she was speaking to a reporter who was at the hospital. She was trying to get
things riled up during his report by saying fans were trying to get into the hospital! Meanwhile, he twice corrected saying no one was trying to get into the
hospital and that fans were just collecting outside hoping to hear updated news on MJs condition. The helicopter camera was on the crowd at the hospital
meanwhile who were clearly standing around very quietly some slowly walking up to the crowd etc but none of what she tried to indicate about "fans trying
to get into the hospital!"
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EndlessNameless |
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Posts: 3964 (06/26/2009 2:36 PM) |
Great, now the estate will sell the Beatles' songs that MJ bought from under his "friend" Paul McCartney, and they will all be in commercials
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jcsgrrl21 |
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Posts: 7319 (06/26/2009 2:38 PM) Celeb Scoop '07 |
My mom had some debt when she passed last year and we didn't have to pay anything. They just asked for a copy of her death certificate and we never heard
from them again.
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bigredmunkeebutt |
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Posts: 13688 (06/26/2009 2:39 PM) |
EndlessNameless wrote: Paul, Ringo, and the families of John and George should have first rights to buy those back. |
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