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Should our daughter in law take bankruptcy? Our son passed…

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Should our daughter in law...
Should our daughter in law take bankruptcy? Our son passed on April 26 last month. The farming debts are as follows:
$190,000 operating note
250,000 equipment note
80,000 shop note
29,000 John Deere note. - interest has been stopped
5,440 equipment note
4,000 equipment note
5,000 credit card note for Neil
20,000 wife's credit card note
18,000 student loan for wife
Is living in a house of grandparents rent free
No will for Neil, so it will be 6 months before wife can sell anything. Everything goes to probate. She is a self employed gun shop owner, little income, not receiving social security yet, appointment made for June 11. She will get 1500 a month, not to exceed from social security, 2 girls ages 6 and 8 years old. There is $300,000 in life insurance to come shortly. The bank has over extended equipment loan by inflating values of equipment so be lucky to break even on sale of all equipment. She wants to keep farming land, there is 100 acres free and clear value $120,000. The bank is not attached to this land. The bank is not attached to life insurance. What should she do?
Submitted: 2 years ago.Category: Bankruptcy Law
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Answered in 3 hours by:
5/29/2015
Bankruptcy Lawyer: Irwin Law, Attorney replied 2 years ago
Irwin Law
Irwin Law, Attorney
Category: Bankruptcy Law
Satisfied Customers: 7,559
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Verified

Please accept my condolences on the recent loss of your son. If she files bankruptcy, everything she owns goes into the pot for creditors. That would include the land, provided it is in her name alone now, and the insurance money, provided that she receives it as the beneficiary. This is an extremely complicated question that must be addressed by a local bankruptcy specialist, no matter what the cost for the consultation may be. There may well be other methods of dealing with all that debt via direct negotiation with the creditors, that can only be explored using a local attorney. I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER.

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Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Bankruptcy Law
Satisfied Customers: 7,559
7,559 Satisfied Customers
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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