My father has racked on debts...will this pass on to me? what happens?
2007-01-01 18:22:17 · 7 answers · asked by sparkplug 1 in Business & Finance ➔ Personal Finance
The only way you can be held accountable for any of your parents debt is if you are over the age of 18 and you are co-signed on a loan with them or something. If we all got stuck with our parents debt, many of us would be screwed. lol
2007-01-01 18:35:02 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Only if you are over 18 and co-signed for the loans,
2007-01-02 02:30:21 · answer #2 · answered by kate 7 · 0⤊ 0⤋
What corrupt government would allow that? Anyway, only if the loans involve your name and if you are 18+ and co-signed or some dumb thing.
2007-01-02 02:39:29 · answer #3 · answered by Hyperbolic Logic 2 · 0⤊ 0⤋
No, unless your name is on any of the loans. If he doesn't have a will then it would go to probate, and then it would all be handled through there. Really consult an attorney for more info on that.
2007-01-02 02:31:03 · answer #4 · answered by kallmetigger 4 · 2⤊ 0⤋
if you are inheriting assets, then the estate's debts will be paid with the assets first. if there are any assets left they will be yours. if the debts of the estate exceed the assets, no you will not be liable for them, unless you co-signed the debts.
2007-01-02 11:42:52 · answer #5 · answered by Ovrtaxed 4 · 0⤊ 0⤋
as long as you are not listed on the loans with him you will not be responsible. If he files bankruptcy or dies the creditors will have claim to any assets.
2007-01-02 02:40:38 · answer #6 · answered by QandA 3 · 0⤊ 0⤋
i dont think so.
not till hes alive...and once hes expired all the debt will eliminate by law.
2007-01-02 02:25:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋