So, let's say you have a fatal disease and know you do not have much time left. You cannot get a decent life insurance policy because of your health condition. If banks/credit companies cannot access your medical info, what stops you from incurring a ton of debt buying things for your loved ones? Assume you have no assets.
2007-10-30 06:30:27 · 9 answers · asked by acage123 3 in Business & Finance ➔ Personal Finance
Your estate will be responsible for the bills.
2007-10-30 06:33:37 · answer #1 · answered by Cheryl S 5 · 3⤊ 0⤋
It would be difficult to get credit from merchants if one has no assets. There will be some stores or companies that will extend credit even then.
So if one really wants to do it, I think they can probably get away with some measure of debt, that will be ultimately eaten by the guys extending the credit.
As another poster said, I don't really think that anyone in the situation you describe would do that and really be able to enjoy themselves. It would be better to have family and friends around, and prepare to die in peace.
2007-10-30 15:11:00 · answer #2 · answered by InspectorBudget 7 · 0⤊ 0⤋
If you have children or grandchildren, the creditors can go to them to claim the debt. So, I don't think it's a good idea. But if you have no living parents, siblings, or children, and no adopted children or children under your legal guardianship, your debt will go unclaimed.
It's only viable if you have no heirs to your estate. Otherwise, it's not good for your heirs, since you will leave your debt as their inheritance. Not very nice.
Edit.. and any living spouce and ex-spouce will get the debt.
By the way, assets or none, it doesn't matter. An Estate is formed when you die, and Liabilities will go into the Estate if there are no Assets.
2007-10-30 13:39:52 · answer #3 · answered by Think Richly™ 5 · 0⤊ 2⤋
Nothing would stop you, however, I seriously doubt that if you were in the condition of which you spoke, your first thought would be to run out and amass huge quantites of debt just for the hell of it. Obviously the majority of people here cannot read, as you stated this under the assumption that you have no assts and almost all posters stated that your estate would be liable. People just don't or cannot read!
2007-10-30 13:37:32 · answer #4 · answered by Windjammer 2 · 1⤊ 2⤋
Depending on what you are buying, the creditor might just come asking for the merchandise back, particularly if it's a spouse or child who got the stuff.
2007-10-30 13:39:59 · answer #5 · answered by bdancer222 7 · 1⤊ 0⤋
Nothing. That’s the beauty of it. You can run up all of the debt you like and they only way it can be collected on is if you have an estate. I’ve known of people with terminal illnesses that racked up huge amounts of credit card debt buying their relatives stuff just because they could.
2007-10-30 13:34:25 · answer #6 · answered by Anonymous · 0⤊ 4⤋
Because god would be very dissapointed in you for stealing.
You might not get into heaven
And your estate would be sued by the entities that lent you money.
2007-10-30 13:33:34 · answer #7 · answered by bob shark 7 · 0⤊ 0⤋
The debt that you leave when you go is a gift to your loved ones. The estate will be responsible for the debt, which in turn, makes your loved ones responsible for the debt.
2007-10-30 13:33:42 · answer #8 · answered by Tammi B 3 · 2⤊ 4⤋
That is a good question. Also, if you can fake a death, you will be rich.
2007-10-30 13:33:33 · answer #9 · answered by shkabaj 3 · 0⤊ 0⤋