For example a spouse has about 30,000 in debts (credit cards, bills etc) and his wife has immaculant credit history. After his death will she have to pay his debts off and will her credit be affected?
2006-08-23 05:36:25 · 13 answers · asked by D.J. 5 in Business & Finance ➔ Personal Finance
There's no will and life insurance either. Can't the debts be just charged off?
2006-08-23 05:46:17 · update #1
All debts accumulated before the marriage took place.
2006-08-23 05:47:24 · update #2
Message for "Rainfingers": You're jerk! I love my husband very much and he's not going to die, we're just trying to figure out our secure financial future.
2006-08-23 08:23:26 · update #3
I still didn't get an answer, nobody is sure actually, so I'm putting it to vote.
2006-08-24 08:33:17 · update #4
The executor of the estate will have to pay any outstanding debts at the death of an individual. That's what life insurance is for, to make sure debts are covered and the family is not left in a bind. As the spouse, if there is no will naming someone else as executor, it will fall on you to make sure the debts are paid. If there is no insurance, then assets may have to be sold to pay the debt. I suggest you talk to a financial planner as soon as possible to make sure you are not left with a hugh financial burden.
2006-08-23 05:42:00 · answer #1 · answered by deep5223 4 · 1⤊ 0⤋
I am not really sure, but I would think that it would just be written off. I mean if the loan is in two people's names then the other person would have to carry the debt. If it is only debt that the one person built up on their own, then how is it fair to make the other living person pay for it unless of course you are living off that debt because they give it to you in the form of cash etc. Not sure if this makes much sense anymore lol.
2006-08-23 08:46:59 · answer #2 · answered by hawksfan17 2 · 0⤊ 0⤋
I would think it depends on the state the deceased lived in. In a communtiy property state the spouse's assets may be attached, however if not a community property state the assets of the survining spouse would not be subject to the debt if the person died intestate.
2006-08-23 05:49:08 · answer #3 · answered by breeze1 4 · 0⤊ 0⤋
If you die, your estate first goes to probate, which is where the courts allow the creditors to come forward and collect what is owed to them. If there is anything left, then the remaining part passes on as the inheritance.
I think married couple are treated as a single entity so if a partner dies, creditors can go after the spouse. You will want to check your state laws though.
2006-08-23 07:22:52 · answer #4 · answered by Yahoo Jedi 6 · 0⤊ 0⤋
The estate of the person who died has to stand good for the debts. Any joint property owned both parties would have to be sold to pay for the debt, but if after that there is still debt that is in his name only, it should be gone.
A person cannot inherit debt that is in another persons name.
Consult an attorney :)
2006-08-23 07:38:36 · answer #5 · answered by pspmikek 2 · 0⤊ 0⤋
I believe his spouse would be responsible for those debts. I had a friend die who had a lot of debts and her husband had to basically divorce her postmortem to relieve himself of those debts. I'm not really sure how that worked.
2006-08-23 05:46:01 · answer #6 · answered by littlestory 3 · 0⤊ 0⤋
If you could avoid paying his debts, does that mean your husband would "meet with an accident"? Or perhaps "sleep with the fishes"? I'd be nervous if I were him...
OK, sorry, that was a bad joke. It just sounded funny the way you said that.
2006-08-23 07:44:36 · answer #7 · answered by rainfingers 4 · 0⤊ 0⤋
generally the money might could come out of sources e.g his abode/vehicle/effective assets and any the rest does regrettably pass to the subsequent of relatives. finding on who the debt is with some variety of contract are able to be made or a charge plan for his kin prepare. i might recommend while the kin is waiting that they seek for suggestion with The voters suggestion Bureau.
2016-09-29 21:41:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
they will still find someone to pay for it. family members. if they are dead then most times though they will cease and desist and just write it off since technically the only person who was responsible for the debt is dead. can't really force someone else to pay for that debt.
2006-08-23 05:42:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
it depends on the credit card companies, if he owns any houses they would need to be sold to cover the debt.
2006-08-23 05:45:13 · answer #10 · answered by Paultech 7 · 0⤊ 0⤋