2006-12-22 12:24:31 · 14 answers · asked by yorehelp 1 in Family & Relationships ➔ Family
If his estate is not large enough to cover it the debt holders lose!
2006-12-22 12:26:46 · answer #1 · answered by Anarchy99 7 · 0⤊ 0⤋
Only if the parent co-signed on any contract, then the parent as co-signer is still obligated to pay that debt or if the adult child left a last Will and Testament, stating that all his debts be paid from a Insurance Policy, then they have to be paid, per probate court.
2006-12-22 12:31:59 · answer #2 · answered by m c 5 · 0⤊ 0⤋
I think it all depends on the age of the child. A parent should never cosign for a loan for a child over 18 or it would fall back on them should the child die and the car or house or whatever wasn't paid or if they'd cause a serious accident the parents could be in big trouble!
2006-12-22 12:46:48 · answer #3 · answered by Megan B 2 · 0⤊ 0⤋
No. Once you are an adult, you incur your own debt. Any assets would go to pay off the debt, and any outstanding debt is then null and void.
2006-12-22 14:02:34 · answer #4 · answered by chicka.nuts 2 · 0⤊ 0⤋
Sometimes, depends on the size of the estate of the kid and the Parents. Usually not, as the child was no longer a dependent of his Parents.
2006-12-22 12:29:18 · answer #5 · answered by Import Car Salesman 3 · 0⤊ 0⤋
No. If the estate does not cover it and the person is not married, the debt is written off by the creditors.
2006-12-22 12:29:12 · answer #6 · answered by schweetums 5 · 0⤊ 0⤋
Nope and the creditors need to find a way of how to handle this. They can either put a lien on the estate if there's one or consider it unpaid due to death and take the loss. If they send this person's bills to you, write on the envelope, "Deceased" and send the bills right back to them.
2006-12-22 12:36:41 · answer #7 · answered by Anonymous · 1⤊ 0⤋
only if the parents are co-signers.the creditor can sieze
assets owned by the deceased child if any.the creditors
could possibly attatch any bonafide inheritance to be
passed down, but that may be difficult to impossible at best,
2006-12-22 12:35:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I would think the debt would be "written off" by the company that is owed the $.
2006-12-22 12:30:33 · answer #9 · answered by NAN G 6 · 0⤊ 0⤋
nope not unless they cosign on a loan the same way it works for kids when a parent dies.. i know when my mother in law died she had a mountain of bills and they tried to get her kids to pay for it.. and none of them did
2006-12-22 13:46:22 · answer #10 · answered by ? 5 · 0⤊ 0⤋