My mother has alot of debt, credit card, medical everything. When she passes away is all that debt going to fall on me? The only debt I have is student loans and I do not need over 200,000 dollars in debt to fall unto my plate because of my mother's death.
2006-12-16 11:23:59 · 10 answers · asked by Chelsea S 2 in Business & Finance ➔ Credit
I have no idea where people are getting these answers. You NEVER have to pay another persons debts! Unless you co-sign for something, or get married and buy a house together with your husband or something like that. Actually in that case it's a joint debt...but to answer your question....if someone dies in - or out - of your family, the lender can come after their assets, that's it. IF THERE ARE NO ASSETS THEY GET NOTHING! They can't come after you just because you're related.
2006-12-16 13:49:39 · answer #1 · answered by Kevin K 3 · 1⤊ 0⤋
You'll have to pay the debt i have a feeling. Tell her not to pay it by using another companies credit facilities, Stick to that company otherwise the interest will be alot to pay to other companies. If there are any Assets that are worth alot I would definately sell some to pay off the debt and to save all income i get rather than spend it all.
2006-12-16 19:31:34 · answer #2 · answered by surjan r 1 · 0⤊ 0⤋
Check to see that you have not co-signed any of the accounts. If she has an estate, it might be prudent to settle out the debt for cents on the dollar. If she has decades left, she may want to refinance.
2006-12-16 20:49:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'm afraid so. Any bills/debts you are to pay after she passes, but... some of them you maybe able to get out of by showing a copy of her death certificate.
Have a Merry Christmas
2006-12-16 19:26:47 · answer #4 · answered by Andrew 2 · 0⤊ 0⤋
The executor of her estate just needs to send a note w/ a copy of the death certificate to all her creditors.....you don't inherit another person's debt........Now, if you co-signed anything, then you are already responsible and will continue to be responsible.
2006-12-17 10:42:11 · answer #5 · answered by Paula M 5 · 0⤊ 0⤋
You have no liability to your mother's debt IF she pass away, unless your name is on her account otherwise you don't need to pay a cents !
2006-12-16 20:39:51 · answer #6 · answered by a9113257311 3 · 0⤊ 0⤋
Depending on what state you're in it could be taken out of her estate, but whatever is required to be paid when she dies is only to be paid out of her estate, so if there is not enough to cover it the creditors have to eat it.
Her home could be exempt, and probably is.
2006-12-16 19:27:50 · answer #7 · answered by cblrdy 6 · 0⤊ 0⤋
No, her estate will be responsible for outstanding debts.
2006-12-16 20:16:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋
the estate is responsible for the debt
2006-12-16 19:25:28 · answer #9 · answered by Anonymous · 0⤊ 1⤋
help her and know just all of the debt will go away or put her ina nursing home
2006-12-16 19:25:26 · answer #10 · answered by Anonymous · 0⤊ 2⤋