I know of a person (family member) that is about $65,000 in debt. This is not a car loan or a house loan or even student loan debt, but I think most of it is credit cards (if not all). I only know this because officers (people that serve you when you are being sued) have been coming to my house and asking for her. She hasn't lived there in about 4 years but I think is still using this address whey applying for more loan crap. As in I still get lawyer letters and credit card apps sent daily. This lady is almost 65, threw away all of her retirement about 3 years ago on some offshore deal. Also her ex-husband (if they were every married) supposedly owes her 75K. What will happen to this person, she has no assets and owes big money… Also is old, retired, but works a few days a week. Will this debt be put on her kids if she dies with it? Also can she go to jail or is this just 100% civil suites?
2007-02-22 09:02:40 · 5 answers · asked by sooners83 4 in Business & Finance ➔ Credit
They can only take it from the kids if inhertance is being passed down to then from her , BUT, it sounds highly unlikely that there will be any inhertiance in their future.
2007-02-22 09:41:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
go for bankruptcy:
With many people trying to live beyond their means combined with job instability has led to the increasing number of people declaring bankruptcy. As a result, a new legislation called the "Bankruptcy Abuse and Consumer Protection Act" has been enacted. Many people cannot pay off their debts and now have to face new laws for filing bankruptcies
2007-02-22 23:36:22 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋
the kids are not personally liable but if there is any inheritance(money from the sale of her possessions) then that will all go to pay off the debt
2007-02-22 09:29:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If she dies, the debt dies with her.
I'd file the ol' bankruptcy if I were her...try to enjoy a debt free life until I die after it's all cleared up.....
2007-02-22 09:06:00 · answer #4 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋
She could file for bankruptcy.
And she could also go to jail if they can prove fraud.
The kids are not liable unless they signed some type of guarantee.
2007-02-22 09:13:02 · answer #5 · answered by Johnny 5 · 0⤊ 0⤋