My friend and I were discussing this the other day and I realized I had no idea.
2007-11-20 12:50:42 · 12 answers · asked by Julie 3 in Business & Finance ➔ Credit
The credit card company has the right to file a claim against the person's estate. So any money generated for the estate (e.g. from life insurance, the sale of their assets, etc) can be used to pay any creditors that make claims.
p.s. I wish I understood why I'm getting thumbs down when I was the first one to give you the accurate answer.
2007-11-20 12:53:40 · answer #1 · answered by UofMWolverines03 4 · 4⤊ 2⤋
If an unmarried adult dies the credit card is paid from his estate. If there is no estate then the debt is written off by the creddit grantor. If the deceased has any estate then the creditor has a right to make a claim.
2007-11-20 12:59:49 · answer #2 · answered by Jake 3 · 1⤊ 0⤋
The co-signer would assume liability for anything debts that are signed for. The decedent's estate, if they have one would then incur the remainder of any and all individual debts. If the decedent has no estate, then the credit card company would right it off.
2007-11-20 12:55:27 · answer #3 · answered by ≤ Flattery Operated © 7 · 0⤊ 2⤋
The Creditors would be able to put a lien against his estate - any assets that he had, so that they would get paid out by the Trustee (Executor) of the Estate. This would come out before anyone would get anything, even if there was a will.
If he had no assets to leave, it would be wiped out.
2007-11-20 12:56:33 · answer #4 · answered by Barb Outhere 7 · 2⤊ 0⤋
The deceased person's estate is responsible. If there are insufficient assets to pay the debts, the debts die.
2007-11-20 13:45:40 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Both my parents died last year and it's their estate (what money they have left over after death) that is responsible. If fraudulent purchases are made after their death, it is the credit card company who is responsible, not their estate.
2007-11-20 13:05:28 · answer #6 · answered by wulfemom 2 · 0⤊ 0⤋
It really depends, I mean if there is any estate then it might be taken out of that , but if they have no assets and there is no one that inherits then its written off as a bad debt.
2007-11-20 13:02:23 · answer #7 · answered by Tapestry6 7 · 1⤊ 0⤋
no one. the credit company is basically SCREWED. they will, however, try to get someone to pay, like a child or sibling, but even the child or sibling isnt resposible for the decesed persons credit debt.
that is why we have credit ratings. to let credit companies know how responsible we are, and that we are going to pay them back. if your credit rating is low, credit companies will charge you more interest than a person with a good credit rating. because the credit company is running a great risk of losing money by loaning to an irresponsible person.
2007-11-20 12:56:32 · answer #8 · answered by NicoleY. 5 · 0⤊ 2⤋
The debtor's estate will pay the debt. If there is not enough money in the estate, no-one pays and the debt is forgiven.
2007-11-20 12:54:34 · answer #9 · answered by Dan H 7 · 4⤊ 0⤋
The property of the elder individual is in charge. If there are no money interior the valuables, then the heirs to the valuables are responsilble for the debt. comparable with the taxes if any are owed. finally some one has to pay. sturdy success.
2016-10-17 13:47:24 · answer #10 · answered by ? 4 · 0⤊ 0⤋