My husband and I were married in community of property and he passed away. We had sold our house a few years ago and have no assets as such, except two cars that are financed in my name with the bank. I do believe that all his debt had life insurance cover, but one bank is requesting a letter of authority or executorship from me but he had no assets and no will.
There are two life insurance policies where his two kids and I are nominated as beneficiaries but we still await an outcome on that. As it stands they are saying if the debts dont get paid by the credit life cover I will be liable to pay his debts. I dont think I can afford to do that. If declared insolvent does that mean I am declared insolvent as well? I am not sure what to do…
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