I realize this is morbid and I don't want to think about it, but I have good credit and don't want my mom's debtors coming after me when she's gone. If this is something they could do, how can I protect myself?
2007-02-12 09:23:57 · 9 answers · asked by MissSLU 1 in Business & Finance ➔ Personal Finance
There is no estate. She is a rentor and has zero assets.
2007-02-12 09:37:33 · update #1
I have never co-signed for her, nor would I do so.
2007-02-12 09:38:17 · update #2
Unless someone tricks you into signing a paper stating you will be responsible for your parent's debts - NO - you are not responsible for their debts.
If you are cosigner on a loan or something like that - then you are only liable for shared debts.
If non of these fit your situation - you have nothing to worry about. Just make absolutely sure that you sign nothing without reading it. I have seen debt collectors pull all kinds of con jobs to get relatives to sign an obligatory contract to pay the rest of the debts owed and they;ll even pose as insurance people, gambling on the fact few people actually read these legal documents through.
2007-02-12 09:39:37 · answer #1 · answered by Victor ious 6 · 0⤊ 0⤋
Nope, once the parent dies the debt is null and invalid! You are not responsible for anything and if anyone tries, ignore them. They cannot do anything to you, like mess up your credit.
2007-02-12 17:31:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not usless she is leaving you money after she passes. If she is then debts will be taken out of the estate.
2007-02-12 17:27:03 · answer #3 · answered by funnyhaha 2 · 1⤊ 0⤋
no, but the parents estate will pay off debts (for the most part) before it is inherited by their children.
2007-02-12 17:27:10 · answer #4 · answered by Diocles 2 · 2⤊ 0⤋
No, they are not. However, creditors will normally have first claim to assets in the estate.
2007-02-13 01:17:29 · answer #5 · answered by Rob D 5 · 0⤊ 1⤋
Why don't you buy some life insurance for her for enough money to pay all her debts and all your debts and her poverty will die with her and you and your children will be rich?
If at least one of your grandparents is still alive then you can start with them.
They will die sooner.
2007-02-12 19:54:18 · answer #6 · answered by Anonymous · 0⤊ 2⤋
not unless your name is listed on her loans/credit cards.
my advise is for you to never co-sign any loans/credit applications with anyone. ever.
2007-02-12 17:34:14 · answer #7 · answered by limited_edition78 2 · 1⤊ 0⤋
they may try, but they have no legal right. (at least in the uk)
2007-02-12 17:27:20 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes. What you can do is to start economise money.
2007-02-12 17:31:32 · answer #9 · answered by Oracle 2 · 0⤊ 2⤋