How do credit card, mortgage companies etc. treat a debt when a spouse dies.
2007-10-23 07:38:05 · 8 answers · asked by letsroll 1 in Business & Finance ➔ Personal Finance
It's still alive. They will attack the estate of the...departed. A small balance on a credit card may be forgotten if it's deminimus. You won't be so lucky with a mortgage, student loans, child support, taxes, and some of the other problems we sell our souls for.
2007-10-23 07:41:38 · answer #1 · answered by Legend 4 · 0⤊ 0⤋
The estate is responsible for paying all debts before any assets can be distributed to heirs. The spouse will be responsible for any joint account. If you live in one of the 9 communty property states, the spouse will also be responsible for the debts.
If you are not in a community property state and there are no assets, the creditor cannot come after the spouse as long as the account was in the deceased name only.
2007-10-23 08:13:00 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
they can legally go after the estate of the person who died, or if the debt was a joint debt with another, such as a spouse or child, they can look to them for payment.
2007-10-23 07:42:07 · answer #3 · answered by DeeDee 6 · 1⤊ 0⤋
CA is brutal for this kind of thing. You need a lawyer. My Mom and Dad divorced with court documents stating clearly that HE was responsible for all debt. And yet, even after his bank ruptcy was declared they all came after her with guns blazing. It went on for months.
2016-05-25 04:25:38 · answer #4 · answered by mayra 3 · 0⤊ 0⤋
Depends on when the debt was acquired and in which state you live in and where the debt is.
However, in general you do inhert your spouse's debt/credit.
2007-10-23 07:42:53 · answer #5 · answered by mailjunkie123 3 · 0⤊ 2⤋
I know what happen to me when my husband passed away I was left paying the bills,cause we were a joint couple when we bought anything.That was 10yrs ago I dont know what the laws are today.good luck
2007-10-23 07:42:43 · answer #6 · answered by Donna B 2 · 0⤊ 0⤋
you will aquire his debt. You can call and speak with the individual companies and learn their policies and see if they can help you waive some fees or charges?
2007-10-23 07:47:03 · answer #7 · answered by Anonymous · 0⤊ 1⤋
I know when my dad passed away, we were able to contact the credit card co.'s and they wiped out the debt.
You should maybe call them and see what their policy is regarding death.
2007-10-23 07:41:55 · answer #8 · answered by Ada D 2 · 0⤊ 2⤋