I have a father who is financially irresponsible. The guy has scammed his way through life and left hundreds of unpaid bills, loans, etc. He has no health or life insurance and I assume I'll be stuck with his funeral expenses as his only child. I've spoken with him about it and he doesn't seem willing to do anything to solve the problem. When he dies, I'll pay for the funeral, but how can I protect myself from being stuck with all of his debts?
2007-04-25 07:43:10 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You won't be responsible for his debts. If he has any assets, they will be used to pay for his debts, but you won't be personally responsible for his debts unless you've cosigned for them or unless you end up taking his assets without ensuring creditors are paid off.
2007-04-25 07:51:11 · answer #1 · answered by CanadianBlondie 5 · 2⤊ 0⤋
Well, "good news," you won't have to be stuck with his debt.
The only thing you will have to pay for is, in fact, the funeral. Unless you plan to stay in the house that you live in. Then you will have to make sure that he transfers everything under your name, this way you can avoid all of that mess after he dies.
It's a difficult thing to deal with, but if you're smart about it, you will be alright.
2007-04-25 07:54:56 · answer #2 · answered by n_harros 2 · 0⤊ 0⤋
i just had the same thoughts lol my dad had a stroke so i was worried. but anyway i dont think you get stuck with the bills unless your name is on them like a co-signer or something. i asked my bf and hes a really smart guy he said the only way you get stuck is if your on them with him and like if he has a car with a loan with insurance that says its paid off when he dies you only get it if you ask for it
2007-04-25 07:53:00 · answer #3 · answered by carrieffms 3 · 0⤊ 0⤋
I do not know about your country , but in the US , the ONLY person liable for debts are those that have signed for them .
You will be responsible for anything you co-signed or credit cards of yours that you let him use .
Debts he incurred without your signature will not be a legal issue .
2007-04-25 07:52:19 · answer #4 · answered by kate 7 · 1⤊ 0⤋
Nope, as quickly as the make certain dies the debt is null and invalid! you're actually not in charge for something and if all people tries, forget approximately approximately them. they can't do something to you, like cut back to rubble your credit.
2016-10-30 06:47:29 · answer #5 · answered by blanga 4 · 0⤊ 0⤋
in general you can not be legally liable for his debts, of course if you have co-signed for anything you would be liable or some other way tied in by contract you singed
2007-04-25 07:59:05 · answer #6 · answered by goz1111 7 · 0⤊ 0⤋
As long as your name is not on any of his credit accounts, you are ok. Children are not responcible for paretns' debt.
http://letsgobble.com/
2007-04-25 07:51:25 · answer #7 · answered by chase11209 2 · 2⤊ 0⤋