If I died tonight, who would be responsible to pay my credit card debts and student loan? I am 45, rent a room from a couple from my church , independent from any family members or significant others. I have enough money to pay for some funeral expenses. I don't own anything of any value.
2007-03-06 09:21:16 · 17 answers · asked by rere 2 in Politics & Government ➔ Law & Ethics
Unless someone has assumed responsibilty for you, in most jurisdictions, the debts will be written off.
2007-03-06 09:24:22 · answer #1 · answered by waynebudd 6 · 1⤊ 0⤋
Your credit card debts could sue any estate that you left to recover funds, but that is very rare. The government though, would get any funds owed to them, death is not a release from those bills, your estate would have to pay, anything left would go to where ever you directed it.
2007-03-06 09:25:02 · answer #2 · answered by psycmikev 6 · 2⤊ 0⤋
you may be independent from your family, but you still have next of kin. When you got to the hospital they would contact your family and when your dead your family is responsible for your body. They would contact the funeral home and make arrangements. Therefore, your creditors will know who your next of kin was and your debt will go to them. Your next of kin even has to file your taxes for you the next tax time...and receive your return. You cannot escape death and taxes. If no one claims your body and there is no next of kin the government will burry you but you wont have a headstone or anything. This is why people get life insurance, not to make their families rich when you die, but not to be a burden when you die.
2007-03-06 09:36:09 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Technically, your estate would. If you have no insurance or property that could be sold, then I think that the state could take your money for taxes. And I think that the rest of the debts would be written off somehow.
2007-03-06 09:25:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Well, I hope that doesn't happen, but if you have a co-signer, they would be responsible. Did you, or can you purchase insurance on your loans? Otherwise, your creditors will check out your assets and tax returns and, if you have nothing, your creditors will just be out of luck.
2007-03-06 10:21:45 · answer #5 · answered by BekindtoAnimals22 7 · 0⤊ 0⤋
No one that's how Ted Turner got to where he is today. His father was so deep in debt that he never could have gotten out but his father killed himself and all debts were canceled. Turner took his business and made it work.
2007-03-06 11:38:24 · answer #6 · answered by Kevin A 6 · 0⤊ 0⤋
Your debts are the responsibility of your estate. Theoretically your creditors are paid out of your leftovers, before your heirs get the rest.
2007-03-06 09:25:04 · answer #7 · answered by Anonymous · 3⤊ 0⤋
even if someone who dies go away no will. Then upon the dath certificate isw information by technique of the funeral living house, then the authorities trustee will check out searching after the deceased sources. If wx-husband had any sources the trustee will distribute his sources in accordance to the guidelines of successtion and his sources will pay his costs.
2016-12-05 08:21:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Then they will most likely search out the closest living relative and had over your debt to them.
If you don't have any, then I guess getting money out of you is a lost cause.
2007-03-06 09:24:47 · answer #9 · answered by Killshyviolet 2 · 1⤊ 1⤋
If you don't have a spouse and don't have any money in the bank or anything of value.
Everyone you owe money to, is pretty much entitled to everything that you have, which is nothing.
2007-03-06 09:25:24 · answer #10 · answered by Duh 3 · 0⤊ 1⤋