What happens if there isn't enough money left to pay off credit card debt from one's estate once they have passed away. Would a family member, i.e., an adult child be responsible.
2006-09-04 13:44:04 · 9 answers · asked by Sharon 2 in Business & Finance ➔ Credit
No, the elder's estate is responsible. If there is not enough money for the estate to pay, the executor must show the court trustee that there is no money left to pay said debts, if the trustee agrees, the estate is closed, and the credit card company must write off the debt. IF IT IS YOUR L;OVED ONE DO NOT AFFIRM THE DEBT. Let the credit card company write off the debt. It is not your debt, it is the debt of Your Elder's estate and cannot be charged to YOU.
2006-09-04 13:48:23 · answer #1 · answered by stick man 6 · 1⤊ 0⤋
The estate of the elder person is responsible. If there are no funds in the estate, then the heirs to the estate are responsilble for the debt. Same with the taxes if any are owed. Ultimately some one has to pay. Good Luck.
2006-09-04 13:51:51 · answer #2 · answered by Yvonne D 3 · 0⤊ 1⤋
Yes and no depends on what the disclaimer says when they got the card etc. I would like to say no unless the parent has it set up where you are in charge of things when they die.
2006-09-04 13:51:59 · answer #3 · answered by Mrs. Know It All 3 · 0⤊ 0⤋
I feel your pain. My mother in law has some SERIOUS credit card debt. I am terrified when she passes, we'll be footing the bill.
2006-09-04 13:50:48 · answer #4 · answered by Jill&Justin 5 · 0⤊ 0⤋
I do believe the executor of the will is responsible for the debt
2006-09-04 13:47:34 · answer #5 · answered by blondie 2 · 0⤊ 0⤋
Depends on the state laws...I'm dealing with a similar problem now, and finding it can be a real mess! My advice to you is find a dependable attorney in your state
2006-09-04 13:52:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the only people that would be responsible is any one that signed into a joint agreement, such as a guarantor or cosigner
2006-09-04 13:57:05 · answer #7 · answered by capollar 4 · 0⤊ 0⤋
I'm almost afraid to answer this question if you are the kid. NO!
2006-09-04 13:45:51 · answer #8 · answered by ravin_lunatic 6 · 0⤊ 0⤋
HIS FAMILY THATS WHY THERE'S LIFE INSURANCE AND STUFF
2006-09-04 13:50:54 · answer #9 · answered by james15kid 1 · 0⤊ 0⤋