how are my debts paid after my death?

Answer 1

if you have life insurance they use that...if you are married it goes over to your spouse, if you are not married then they sell every thing you had to pay the debts

Answer 2

Debts remaining after death are paid out of the deceased's estate...that being whatever assets, cash, real estate, etc. that were owned at the time of death. Anything left over would then pass to the heirs. However, if the debt exceeds the assets, the heirs do not have to make up the difference.

Answer 3

Your family pays the remaining debt but if you have no family then the state could take your property and possessions and use that to remove your debt and the remaining that is left not in your debt will be kept within the state or used for something better.

Answer 4

Some credit contracts have a death clause which has insurance to pay off the debt if death occurs. If there is no such clause and you are married, your spouse will be responsible for the debt. If there is no spouse, then repossession by the seller may be attempted.

Answer 5

As like anything with money and law, it depends on the type of debt. For instance, student loan debts aren't repaid, they go *poof*. Mortgages, credit cards, car loans, etc are paid via money from your estate, so that would be things like your bank accounts, stocks, bonds, other investments, your house. Things like that would be liquidated until they have enough money to cover your debts.

Of course, if you're married, they just get transferred to your spouse, but student loans still go *poof*.

Answer 6

useually the debt collection agency writes the debt off

Answer 7

I think the business's have to "write" it off as a loss of profit.

Answer 8

they become your family's debts

Answer 9

family and what you own