if my parents die with credit card dept do i have to pay it off?

Answer 1

When a person passes away, their creditors are paid from the estate. This means that all of their assets are put into its own legal entity. The estate then pays off the debt by liquidating the assets. So, if your parents owned a house, but had a mortgage, the house goes into the estate, then is sold, the bank is paid, and the executor of the estate decides what to do with the remaining money (if their is any). You are not responsible for your parents debts, even if you are the executor of the estate. Being the executor just means that you oversee this process, it does not make you personally responsible for the debt. Lastly, you may be responsible if you personally gauranteed the debt, or signed as a borrower with them, but this would have taken place at the loan closing or the application of any credit. Therefore, if you did not do this when they received the loan/credit card, you are not responsible. A word of caution though: make sure that if you are going to serve as executor of the estate you have an attorney present to aid you in this process. You have to be very careful of anything you sign or agree to, because the bank/creditor, could try to get you to agree to be personally responsible even after the fact. You want to make sure that you have legal representation to help protect you and your interests. Good luck!

Answer 2

No.

Generally, assets from your parents estate are used to pay the debts they incurred while they were alive, but each state is different. In Florida, where I practice law, if your parents owned a $20 million house as their sole asset, and they owed $20 million in credit card debt, then the credit card companies would get $0.00 because of Florida's "Homestead Excemption." However, a mortgage company that was owed $5.00 could foreclose on that same house. Check the probate laws of the state in which your parents live.

Answer 3

Generally, no, if you didn't cosign or otherwise vouch for their debt (this is why they call credit cards "unsecured" debt). However, when the estate is disbursed in probate or through a will, creditors have the right to file a claim to be paid out of the estate before you receive your inheritance. You should seek out an estate and trust attorney in your state regarding the specifics, since the laws regarding statute of limitations and the process itself are state law specific.

Answer 4

If they have any money in a bank or something the credit people have a right to have what is owed to them. But it can only come from your parents estate there is no way they can take money off you and that includes money your parents may have given you out of their estate prior to their dying.~~

Answer 5

Credit card debt that has not been signed for by you and is not in your name is not required to be paid by you. It WILL, however, be required to be paid out of the parent's estate BEFORE any money is handed out to those designated in the will.

Answer 6

No. The credit cards may try to come after people who have pass away, but I would say they can't collect, and you are not obligated to show the collectors any help ie. death certificates, fowarding address for the estate, etc. Before you know it, they can't locate, and it's all gone.

Answer 7

Did you sign the contract? If there is money left to you, they possibly could be enttiled to get hteir share..seek a lawyer.

Answer 8

As far as I'm concerned you can refuse to accept the heritage but won't get anything else then either.
Before you give me thumbs down I don't know where you live either so it's kinda hard to tell.

Answer 9

Talk with an attorney in your own state.

Answer 10

not unless you went guarantor