credit card law - Credit Cards?

Question

If a spouse has credit cards only in thier name and they pass away is the living spouse liable for that debt?

Answer 1

No, but the estate is.

Any assets the deceased had like money, car, whatever, are supposed to be sold to pay their debt. Those assets are their estate. What is left after all debt is paid goes to any heirs.

Answer 2

No, but the deceased's estate IS. That means half of the jointly held assets & all (w/exceptions) of the deceased's personal assets will have to stand good for the deceased's debts. There are some of assets which pass outside of the estate. You need a local CPA or estate attorney to advise you on this, because there are variations b/t states. It is worth the few hundred bucks to settle this correctly & not add to your greif.

I wish you God's peace during this difficult time.

Answer 3

That would depend on several things.

Whether a person lives in a community property state or not. If not they cannot hold the surviving spouse liable.

If the couple had everything in both names, cars, home, etc., and live in a non community property state, they cannot touch any property.

If they live in a community property state it is "possible" they may hold the surviving spouse liable.

If the deceased had anything solely in their own name, car, home, etc. they may seize that property.

And then, there are state exemption statutes that would have to be factored in before any property seizing.

Answer 4

when a person dies, their estate is liable for that debt. assuming that the bulk of the estate goes to the surviving spouse, you could say that the spouse is liable for the debt.

Answer 5

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Answer 6

No, the debt is charged off.