My father in-law has incurable cancer, and outstanding credit card debt of about $55K. Can the credit card companies sue his estate or children to collect the outstanding balances on his accounts once he passes away?
2007-10-10 08:44:24 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
They can go for the estate , not the children unless they are co owners of the credit card.
2007-10-14 08:39:48 · answer #1 · answered by Raul21 5 · 0⤊ 0⤋
Will Credit Card Companies Sue
2016-12-14 16:08:49 · answer #2 · answered by ? 4 · 0⤊ 0⤋
They can and will attach to the estate for the full balance. If there are liquid assets now, a debt settlement company should be able to get you out for less than 1/2. When they go after the estate with ease, they will get paid in full. Check out the free evaluation form at www.totaldebtsolutionsllc.com They have references who saved more than 60% on large credit card balances. Good luck.
2007-10-11 03:00:14 · answer #3 · answered by Nicki W 2 · 0⤊ 0⤋
Yes. Though most do not. Provide a death certificiate to each of the credit card companies when the time comes. Most credit card agreements have a successors and assignees clause that binds the estate and/or children etc to pay. I worked for a collection law firm that handled most of the big major credit card companies. Usually a death cert. will end the matter.
2007-10-10 08:56:25 · answer #4 · answered by Toodeemo 7 · 1⤊ 0⤋
I just settled an estate w/ $50 G in debt, mostly credit cards and yes it is the legal right of creditors to sue the estate and I was fortunate to bargain with some of the debtors to settle for less, before the court ordered full payment. Maybe you can do something to settle with them before the court order. Good luck.
2007-10-10 08:54:23 · answer #5 · answered by Dianne m 5 · 0⤊ 0⤋
Credit card companies can't sue you for not paying the balance in full, because all of their the customer agreements clearly state that you carn make minimum payments. RE: >Can a credit card company sue you for not paying the balance in full when the tell you to? >After some rough financial times, I defaulted on the card and it went to a collection agency. I made payments automatically for a while then they offered a settlement. I couldn't afford to settle. The...
2016-05-21 00:29:35 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Creditors usually can collect from the estate of the deceased, I was a beneficiary to a will (Wisconsin), and all the bills and outstanding balances had to be paid before any of us were given anything.
When my M-I-L passed away last year, my F-I-L, said that there could be no "disposal" of her assets for forty-five days(Arizona). Check the laws in your area.
I am sorry for your family's loss.
2007-10-10 08:52:08 · answer #7 · answered by mysticalviking 5 · 0⤊ 0⤋
All creditors have the right to file a claim in the probate of a deceased person. They can not sue the family unless the debtor has transferred property to them for the purpose of cheating creditors. It may seem cold, but if he has significant assets now is the time to speak to an attorney about estate planning before it is too late.
2007-10-10 08:51:13 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Most state laws require that a will make provision for the payment of lawful debts, or it is not valid.
Giving away your assets so that you have no means to pay the debts is called "fraudulent transfer" if you are dieing or not. Creditors can then sue the current holders up to the value of the assets transferred.
2007-10-10 08:56:55 · answer #9 · answered by Ted 7 · 0⤊ 0⤋
If there is enough money in his estate his debt should be cleared and then the rest can go to who he willed it to. If the estate has enough to clear or pay a portion of the credit card bills they can and will get there money.
2007-10-11 09:59:38 · answer #10 · answered by Kat G 6 · 0⤊ 0⤋