How does that work? Is your debt left unpaid?
2007-01-15 08:14:36 · 12 answers · asked by hawzy5214 2 in Business & Finance ➔ Credit
Unfortunately, I am intimately familiar with this problem. My spouse recently died and our estate docs were not as good as they should have been. First thing is the state and county you live in. Livingston County Michigan allows for an exemption on personal assest up to $16,000. If the assests are more you will likely have to probate the estate. If they are less, and the deceased in the only one responsible, most likely the creditor writes it off as unpaid.
2007-01-15 11:32:37 · answer #1 · answered by Michael L 2 · 0⤊ 0⤋
All debts are paid from the estate.If their is a will, it names an Executor, who will take all the persons debts and assets, and pay off the debts from the assets. If he has to sell property (like cars, houses personal effects) to satisfy the debts, he will.
If there is no will, the court will appoint a person to do the same thing.
after all debts are paid, the remainder of the assets are distributed to heirs.
2007-01-15 08:19:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The estate liquidates assets and pays the bills. If there is enough to go around, the debt is repaid. If not and if there were no co-signers to the debt, it is erased.
2007-01-15 08:33:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unpaid bills become the property of the estate if there is one.
2007-01-15 08:18:37 · answer #4 · answered by wizjp 7 · 0⤊ 0⤋
The debt is then the responsiblity of the Estate of the person who died.
2007-01-15 08:18:53 · answer #5 · answered by Theresa C 1 · 0⤊ 0⤋
bad debt write off.
they have to know you're dead, tho---most of them want a copy of the death certificate.
2007-01-15 08:30:08 · answer #6 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋
i think the person's family need to pay for it. Not sure, but i really want to know
2007-01-15 08:18:42 · answer #7 · answered by Amy T 2 · 0⤊ 1⤋
it depends on the credit card. if you read the agreements you'll see exactly how they do it.
2007-01-15 08:18:30 · answer #8 · answered by Anonymous · 0⤊ 1⤋
if you have credit life
if not they try to collect from estate.
2007-01-15 08:18:23 · answer #9 · answered by cork 7 · 0⤊ 0⤋
most peoples insur takes care of it
2007-01-15 08:18:36 · answer #10 · answered by Dokie 2 · 0⤊ 1⤋