2007-08-19 18:53:06 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Assets in the persons estate would be used to pay the debts, and also any joint debts would still be liable to be paid by the other person in the joint debt, but otherwise, no the family is not liable.
2007-08-19 19:39:31 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If it's an unsecured debt and the deceased is the only one on the loan, the family is not liable. The state cannot force family members to pay a debt that they did not agree to. If the debt is a joint loan, the surviving party is responsible.
If it's a secured debt, the collateral must be returned or the loan must be paid off. If it's a car loan, the family has to return the car. If it's a home loan, the family has to sell the home or come up with the cash to pay off the loan.
2007-08-19 19:05:05 · answer #2 · answered by Anonymous · 1⤊ 0⤋
No.
Family is not responsible for debt but the estate of the deceased is liable for the debts.
BUT... A spouse (husband or wife) of the deceased is legally responsible for debt.
In all any state nobody is responsible for the debt of a relative who dies. Not unless a family member has in writing agreed to assume the debt.
2007-08-19 23:34:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, but the estate is. Before any assets in the estate can be divided up among the heirs, all debts must be satisfied first. If there are not enough assets in the estate to satisfy the debts then the creditors will lose out and there will be nothing left to distribute to the heirs.
Any joint debts would still be collectible from the joint holders of the accounts.
2007-08-19 22:52:31 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No, but if the person has any assets, the debts would be paid from that before anything was distributed through the estate.
If it's a joint debt with the deceased and someone else on it, though, the "someone else" would be responsible to pay it.
2007-08-19 19:02:05 · answer #5 · answered by Judy 7 · 4⤊ 0⤋
Yes, if a person dies then the closest relatives has to pay all the credit card bills, debts, etc...
2007-08-19 18:56:27 · answer #6 · answered by Anonymous · 0⤊ 4⤋
Spouse yes.....otherwise the estate needs to pay..but anyone who is owed money has to file papers with the probate courts...if there is anything.
2007-08-19 19:02:19 · answer #7 · answered by Anonymous · 0⤊ 3⤋
like husband wife family....yeah the debt is still owed....do kids have to pay for grand daddy...not sure
2007-08-19 18:55:46 · answer #8 · answered by Twinkie Thief 7 · 0⤊ 5⤋
no
2007-08-19 19:29:56 · answer #9 · answered by just hanging around 5 · 1⤊ 1⤋