Parents debt
My father has an unsecured line of credit to a bank with a balance of $50M and he is physically unable to pay down the loan. He used the line to pay off my debts. Sadly, I’m afraid that he’s not going to survive too long. So, I want to clarify few things. If he passes away what happens to that loan? Will it become my responsibility? Or should he file for a bankruptcy before his death? He doesn’t have any assets or income. Thank you for your help.
If the loan is just in his name, it would not be your responsibility, so if he is not working, bankruptcy is probably not necessary for him.