I figure that if the person is married, their spouse becomes resposible for paying any debts left behind, but what happens if this person is unmarried? Do their children inherit the debt? Do the companies simply consider the money lost forever?
2006-12-07 06:47:35 · 7 answers · asked by Jester The Slacker 3 in Business & Finance ➔ Personal Finance
First and foremost they go after the estate. If you leave your children money or property, they'll come after these assets. If there's no assets they can not make your family responsible unless they cosigned loans.
2006-12-07 06:50:19 · answer #1 · answered by New Millennium Minds 3 · 2⤊ 0⤋
My aunt lost her life too soon... They did go after her house and she still had debt after that and she wasn't married. The debt collectors went after her kids (the oldest was about 22 and had no way to pay what she owed). Thank god my grandma had money and helped them out and payed everything off. The companies the deceased owe money to will NOT take a loss unless you have no family whatsoever.
2006-12-07 14:58:15 · answer #2 · answered by Sarah 3 · 0⤊ 1⤋
If there is an estate the debtors can file a claim against the it. But if the person dies with no money then the companies take a loss.
2006-12-07 14:50:43 · answer #3 · answered by tbyrd 2 · 1⤊ 0⤋
the debt is posted against the estate including insurance policies and who ever claims the estate must deal with the creditors
2006-12-07 15:08:23 · answer #4 · answered by RONALD J 2 · 0⤊ 0⤋
If theirs a will it will go into probate and these people are put into first position 2 be paid.
2006-12-07 14:50:49 · answer #5 · answered by silkieladyinthecity 3 · 0⤊ 0⤋
this this thing where when ur spending lots of money on something, you have the option of having someone co-sign for certain things, which means, if you die that cost will go to the co-signer!
2006-12-07 14:57:01 · answer #6 · answered by campkid4ever 2 · 0⤊ 0⤋
His Estate pays his debts. (Not to be confused with State)
2006-12-07 15:53:39 · answer #7 · answered by Anonymous · 0⤊ 1⤋