2007-02-28 08:07:22 · 6 answers · asked by Judy C 1 in Business & Finance ➔ Credit
Anything they owned must be used to pay debts before anyone can inherit. If there are not enough assets to cover the debts, the creditors are out of luck.
2007-02-28 10:48:38 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
The Person who died is responsible for the debts he incurred in life.
It is up to the creditors to make a claim on the estate, and if valid, they will be paid according to priority on the claim.
A lawyer will be best to ask about details
2007-02-28 16:18:21 · answer #2 · answered by bob shark 7 · 0⤊ 0⤋
Unless it is a joint debt, the estate would be responsible for debts. If there is no estate, the debt dies with the person. But check with a lawyer to be sure in your state.
2007-02-28 16:16:44 · answer #3 · answered by Truth is elusive 7 · 1⤊ 0⤋
As long as no one else's name is on anything then no one is responsible as of now. However creditors can and will try to attack the decease's estate, unless it is protected. However, I'm not sure but I think a friend who deals with annuities was telling me that they're trying to pass a law that'll make the children responsible. But I could be mistaken.
2007-02-28 16:19:26 · answer #4 · answered by bernard 2 · 0⤊ 1⤋
Usually the life insurance company, like for instance if a house mortgage or business loan tken by the guy, is covered by life insurance in the event the insured croaks. Otherwise I guess its the Keeper of Accounts at the Heavenly Home. Definitely not the dead guys next of kins.
2007-02-28 16:14:18 · answer #5 · answered by t4capricorn 2 · 0⤊ 0⤋
I believe that debtees can sue the estate for outstanding monies. You would need to speak to an estate lawyer to find all of this out.
2007-02-28 16:16:03 · answer #6 · answered by concernedjean 5 · 0⤊ 0⤋