If my fiduciary duties regarding my dad’s estate are coming to end soon, what do I do about a credit card debt?
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If my fiduciary duties regarding my dad’s estate are coming to end soon, what do I do about a credit card debt?
My question concerns credit card debt and my state’s statute of limitations; which is 3 years on open-end card debt. A new asset was added to the estate, but 3 years from when creditors first filed claims against estate. It was insolvent and closed then. And if you use other dates(when card account was past due,closed, or charged-off), the 3 years is past all of them. Simply put, an entire,3 full years go by before estate is reopened and the newly discovered asset added. How is probate court going to analyze this situation. I want to time bar the claims; if you go by the book the math comes out ok. Is probate going to try and pull a rabbit out of it’s ears?
Asked on January 22, 2013 under Estate Planning, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the creditor timely made a creditor's claim on an insolvent estate at the time and never filed suit within three years after making the claim, then under the laws of your state the creditor is now time barred from filing suit or making a claim as to the estate even though some assets have been recently discovered.
Your math is fine. The creditor is time barred.
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