2006-10-04 10:54:16 · 15 answers · asked by juju 3 in Business & Finance ➔ Credit
it depends on what kind of debt-i met a lady who married a guy and found out he had 35,000 dollars worth of debt when he died-and she is payin it off-yet she got Jesus workin 2 jobs and was one of the happieste people i have ever met-some bills are written off-and you can lose your credit-which i think is not something to have-dont buy if u dont have the money-and owe no man anything but to preach the gospel-works for me -david in His amazing grace
2006-10-04 23:46:24 · answer #1 · answered by ? 5 · 0⤊ 1⤋
Hmmm... beware of absolutely WRONG answers that have already been posted in this thread.
A lot depends on the TYPE of debt that you are talking about.
If a deceased person shared an account with a still-living person, the debt is still there for the living person to deal with.
If the deceased person was the only person on the account, the debt may become the responsibility of the deceased person's "estate." (The estate is everything that the deceased person owned that has value ... equity in or outright ownership of a home, cars, money in bank accounts, etc.) Before the "estate" pays out any money to inheritors ... the outstanding debt must be paid.
If the person who died has no appreciable estate (no house, no bank accounts), the debt may just go "poof" ... since there is no estate to pay for the debt.
A child cannot inherit his or her parent's debt. Your family is not "stuck with" your debts when you die ... your ESTATE may be stuck with your debts ... but once the estate is gone, no one else in your family has to pay the debts.
Further questions should be directed to a probate or estate attorney in your state, as rules governing these sorts of things vary by state.
2006-10-04 11:21:04 · answer #2 · answered by Harvie Ruth 5 · 4⤊ 0⤋
It gets passed along to your next of kin, or beneficiaries. If there is no such person or persons, then your possessions will be sold off to pay of what portion of it can be paid and the rest simply winds up as a deficit for the agency that the debt is owed to.
(Interesting note in CA. of you die owing back child support and your only family is the child you ows support for, that child inherits the debt as part of your estate,a nd if the child is a minor, then the debt becomes the responsibility of the childs living parent or guardian). Guess that's one way to get back at them. Now where is my gu...
2006-10-04 11:04:47 · answer #3 · answered by kveldulfgondlir 5 · 0⤊ 3⤋
Harvie is the only one who is 100% correct. Your ESTATE gets teh debt, but if the estate ends up in the hole (Negative), the debt does not pass on.
2006-10-04 11:56:39 · answer #4 · answered by Anonymous · 2⤊ 0⤋
It might depend on the state. I had a friend die in FL . His family was not responsible for his cr cd debt.
2006-10-04 11:02:08 · answer #5 · answered by shermynewstart 7 · 2⤊ 1⤋
Harvie is correct. However scrupulous collection agencies and credit card companies try to make the family responsible for the debit but claiming it will run their credit. Which they can not do.
2006-10-04 14:56:56 · answer #6 · answered by webworm90 4 · 1⤊ 0⤋
It will initially go to you surviving spouse or estate to pay! If it is an estate, and the estate runs out of assets before all bills are paid- then the bills do not get paid!
2006-10-04 10:59:11 · answer #7 · answered by Anarchy99 7 · 2⤊ 1⤋
It depends. Alot of things can happen. It can go to your kids and becoem there burden. Make sure you have a good will stating what you want done with your assets other wise it could all be a big mess for your living family.
2006-10-04 10:55:53 · answer #8 · answered by Anna G 1 · 0⤊ 3⤋
Ur family continue to pay
2006-10-04 11:27:28 · answer #9 · answered by sosweet302 2 · 0⤊ 3⤋
YOUR FAMILY MUST PAY ALL YOUR DEBT WHEN YOU DIE.
2006-10-04 11:01:29 · answer #10 · answered by Anonymous · 0⤊ 3⤋