Can anyone answer this ? What happens to Money debts when a person commits Suicide ? The person in question is single no family no children, all the debts are in his name.
Has 2 credit cards 2 loans and mortgage.
This is in the UK
2007-09-22 13:45:28 · 22 answers · asked by Londonjerry 2 in Business & Finance ➔ Personal Finance
If all debts are in his name, then they will cleared!
Do not worry, you are going through enough as it is!
2007-09-22 13:49:33 · answer #1 · answered by Anonymous · 3⤊ 4⤋
The whole estate would be bundled together - debts, equity in the house, other assets - and then, the pluses (such as they are) will offset the minuses; including any taxes.
After that, if there is a positive balance, the proceeds would be distributed according to the terms of any will or to the next of kin (this could be quite a distant relative - check for cousins!) or, if no next of kin the State.
If there is a negative balance, this would be written off by those owed the money. This would be the case even if the person did have family.
2007-09-23 03:33:29 · answer #2 · answered by cafcnil 3 · 0⤊ 0⤋
in the us anything you have goes towards repaying your debt....
life really isn't worth taking... it just shows your not strong --- its a pus sy way out. 2 credit cards 2 loans and a mortgage huh? I know it sucks... god, i swear I know. It is not worth it. Money is money.. it isn't everything -- as much as it feels like this is a lie -- there are other ways out. It takes effort sure -- but why waste your life.... have you accomplished what you wanted to before you go? Do you have no one who cares about you? Honestly not one person... even if you can answer no to this question I call bullshiT. Don't be selfish.. only thinking of yourself.... your single with no children-- that doesn't make your life any less valuable.
Keep your head up..... There is recovery after massive debt, I'm proof.
2007-09-22 20:57:56 · answer #3 · answered by stifflergal 4 · 1⤊ 1⤋
the debt will be written off. the lender may try and pass it down to the next of kin but if any member of my family topped them self no one is going to pass the debt onto me. its too bad no ones going to take responsability for someone elses debt unless the signed their name on the dotted line jointly... pay another persons debt? whos going to make them pay? and if someone is going to commit suicide over it they should go and talk to a counciler cos any debts can be reduced or written off if you lend a person too much money then your asking for problems and the bank or lender is just as much at fault. the insurers are going to pay if anyone. the interest will stop. and let the bank go to hell and die dont take your own lifeover money
2007-09-22 21:18:15 · answer #4 · answered by ? 1 · 1⤊ 0⤋
If there's no one to claim from then the debts will be written off. The mortgage means the lender will get the money from the house. If it exceeds the debt presumably excess cash will go to pay off other debts.
2007-09-22 20:50:34 · answer #5 · answered by ammie 4 · 1⤊ 0⤋
They are charged against the estate is there is one ,
( equity in the home , vehicles etc ) .
If there are No assets , the debts have to be written off by the lenders .
If there were assets , the debts are paid and the balance goes to whomever the deceased indicated they wanted to have it , in the will .
I think , check with an attorney to be sure .
>
2007-09-22 20:53:13 · answer #6 · answered by kate 7 · 2⤊ 0⤋
Please be asking this as a hypothetical question. Nothing, ESPECIALLY money is worth committing suicide for.
Declare yourself bankrupt. It'll all be over in 5 years, and you WILL be given money to live on in the meantime.
If you ARE considering this as a way out, please don't. For starters, what about all the people who love you? (yes, they DO exist!)
How do you think it will affect them? They would feel SO bad if you did this....Don't think it's just your life that ends.....
2007-09-22 21:09:41 · answer #7 · answered by RuthieC 2 · 2⤊ 0⤋
Hold on a minute! I went bankrupt in 1999. It was a huge relief to me. Since then I have always been in work, I bought my council house, and now I can hold my head up high. I never once considered suicide, money is not a reason to lose a life over.
2007-09-22 20:58:05 · answer #8 · answered by Anonymous · 2⤊ 1⤋
like when a business dies.. its assets liquadate...
same with a person...
a person dies.. his assets are treated as debt... his house is sold to pay the debt and the rest of his property
if the person doesnt have a house.. the creditor doesnt have his debt... same as with business. a business that has debtors, will lose his money, if a debtor goes bankrupt and not able to pay back..... the business (creditor) will have to put such a debtor under bad debts.. the amount is written off and it is considered as a lose.
it doesnt matter if it is an organisation with debtors or a person. giving loans or mortgages is business. in business if the debtor is not able to pay completely..and there is no one to refund the creditor... the debtor debts will be unpaid.. end of story.
2007-09-22 20:54:43 · answer #9 · answered by dmitri m 1 · 1⤊ 2⤋
what you do is try to go for bankruptcy , if not then learn from your mistakes and try to get a pickup truck to live in, and a camper after-- maybe living in homeless shelters, and a tent and trying to find odd jobs to make it ...God wants you to live for as long as you can.And not beyond your means. that is the problem with some kids and how they are raised to have too much they want to keep it going. my mother always said to make do with what you've got ,even though i told her i don't have anything she'd say "good then make do with it."If you have a United way you can get basic neds from some of the organizations they send you to or beg at churches do anything but dying.but plz if u do get that stupid have ID on you.I've been suicidal before too a couple of times.take mugwort
2007-09-22 21:00:33 · answer #10 · answered by Anonymous · 0⤊ 2⤋
Next of kin or beneficiaries in the Will can be held liable. What usually happens is that any assets will be sold and whatever funds this raises will go to paying off the debts. What it doesn't cover is usually written off.
2007-09-22 20:51:59 · answer #11 · answered by libbyft 5 · 0⤊ 3⤋