who is responsible for the money or does it just 'dissapear'?
2006-08-10 05:01:44 · 13 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Any assets the person had will be used to satisfy those loans.
2006-08-10 05:05:10 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The estate of the deceased is responsible for settling all debts. Details depend on whether or not there is a will and, if there is, on what it contains. Typically, if there is a will, it appoints an executor (a person who is to manage the affairs of the estate), so the executor settles debts owed by the estate and distributes the rest to the heirs. If there is no will, the matter goes before a probate court, which appoints an executor, whose fees are paid by the estate...
2006-08-10 05:09:08 · answer #2 · answered by NC 7 · 0⤊ 0⤋
I believe it depends if the deceased had any assets or insurance. The company or person(s) can probably file a claim or suit against the estate of the deceased person. If the assets (property) is left to another person or the insurance is paid to a beneficiary; the company can seek reimbursement for the money owed against the value of that property or insurance. They would file their claim against the person who was left the property or paid the insurance money.
I'm not 100% sure, but I think that's how it works...
2006-08-10 05:13:46 · answer #3 · answered by E. Gads 4 · 0⤊ 0⤋
If the person does not have a spouse, debts will be paid from the estate and then dismissed. At least in my state, there's a hierachy to it. It's something like: the lawyers, the funeral home, then any other creditors (sometimes pennies on the dollar if there's not enough to go around).
2006-08-10 05:09:23 · answer #4 · answered by Kiki 6 · 0⤊ 0⤋
If there is insurance on the loan the loan will be paid off by the bank, if not, the executor of the state gets left with the loan
2006-08-10 05:07:59 · answer #5 · answered by Ali Z 3 · 0⤊ 0⤋
Assets in the persons estate are liquidated to satisfy any indebtedness. If assets aren't sufficient then the creditors are out of luck. No one is responsible for the remaining debt.
2006-08-10 05:07:08 · answer #6 · answered by Oh Boy! 5 · 0⤊ 0⤋
The executor/execturix of the estate is responsible for all financial dealings and debts
2006-08-10 05:05:23 · answer #7 · answered by Quasimodo 7 · 1⤊ 0⤋
The person's estate will have to pay outstanding debt. It does not disappear.
2006-08-10 05:07:41 · answer #8 · answered by EDDie 5 · 0⤊ 0⤋
He is sent to a far away place to live for the rest of his death.
2006-08-10 05:06:11 · answer #9 · answered by EMAILSKIP 6 · 0⤊ 0⤋
the debt is over, that's why some people ask for money or mortgages before they commit suicide, that way they can leave their family or wife with some money
2006-08-10 05:08:43 · answer #10 · answered by Super Duende 2 · 0⤊ 1⤋