2007-02-12 11:09:01 · 5 answers · asked by pozitive thinking 2 in Business & Finance ➔ Personal Finance
It depends if the debt is secured or non-secured. If secured, it will reduce the proceeds of the collateral when the collateral is sold or, possibly, it will be transferred to the new owner of the collateral for that person to retire it.
If the debt is non-secured, it will be a liability to the estate and any cash in the estate will retire the non-secured debt. If there is insufficent cash to retire the debt, then whoever holds the debt is stuck with the balance.
2007-02-12 11:16:09 · answer #1 · answered by beached42 4 · 0⤊ 0⤋
First, any debts would be paid out of the estate.
2007-02-12 19:12:32 · answer #2 · answered by Shelley 4 · 0⤊ 0⤋
The debt is paid out of the decedent's estate. If his estate doesn't have enough money, the people he owes are out of luck.
2007-02-13 09:23:32 · answer #3 · answered by Quixotic 3 · 0⤊ 0⤋
The debt goes to your family members. I remember one of my brothers was in debt and when he died, my father took over to pay the remaining balance from his creditors. He notified all the credit card companies to tell them what happened to his son.
2007-02-12 19:18:27 · answer #4 · answered by Anonymous · 0⤊ 2⤋
the debt goes to ur family members
2007-02-12 19:12:39 · answer #5 · answered by darkpayaso 3 · 0⤊ 2⤋