Question about Legal Document

[Mayfriday0529]

I'm about to sign a promisory note for a school loan and i was just reading the Note but had a question for any of you legal experts.

REPAYMENT.
Payment Due Notwithstanding Withdrawal from Eligible Institution, Death or Disability: If i die, the terms of this Note will be binding on my estate, which will be liable for my unpaid indebtedness.
-My estate would pay off my debt? I don't really have much financial value, what would happen then?

 

[chrisms]

I told you I'm not a lawyer and can't help.

 

[everman]

Just like other debts, your estate can be liquidated to pay off creditors. It doesn't mean they'll all get paid.

 

[Mayfriday0529]

What is consider my Estate? does it have to have my name on it or does my xbox count as my estate which i didnt buy but my mom did?

 

[sixone]

Originally posted by: everman
Just like other debts, your estate can be liquidated to pay off creditors. It doesn't mean they'll all get paid.

...or paid in full.

 

[chambersc]

if you have an estate that is worth $1000 and bills totalling $2000 then $1000 is recovered and the rest is forgiven since your debt cannot be passed on to your afterlife.

 

[Mayfriday0529]

Originally posted by: chambersc
if you have an estate that is worth $1000 and bills totalling $2000 then $1000 is recovered and the rest is forgiven since your debt cannot be passed on to your afterlife.

but what is consider an "estate" my car? (which i'm still pay off) no house and very little on my bank account, but like 40,000 in college loans

Again all of this hyphotetical questions

Just in case such thing happens like dying, i just got a 50,000 life insurance policy to cover any of my expenses.

 

[NogginBoink]

Anything that you own is your estate.

If you die, the assets of your estate can be sold to satisfy your debts.

If there are debts left after that, the creditor is out of luck, they write off the loss.

 

[chambersc]

if you dont have a family, I personally wouldn't worry about it. Think of it as a final "f* you!" to the bill collectors.

If you have a family, then take active measures to pay that bill(s) in a timely manner.