I am unmarried. Who will be liable for paying off my mortgage and credit card debts if i die? Will they go after my family or does companies just write off what i owe?
2007-12-04 03:15:14 · 4 answers · asked by KK729 1 in Business & Finance ➔ Personal Finance
and i do not have any children.
i have a mortgage and some credit cards.
2007-12-05 04:51:27 · update #1
You will .. they will sell everything you die with (including the shirt off your back) and take the proceeds ..
Since the abolition of slavery relatives are no longer LEGALLY responsible for some-ones debts, however you can be sure the money grabbing Debt Collectors will track down your every living relative and try to extract money from them starting with 'you are morally responsible' and moving onto the usual lies and threats of legal action ..
NB> there is ONE exception - for sure your married spouse IS responsible for your debts .. and these days I expect that is going to be extended to 'partner' ..
2007-12-04 03:19:56 · answer #1 · answered by Steve B 7 · 1⤊ 1⤋
Your estate is responsible for paying your debts to the extent that it can. Relatives are not personally liable unless they are co-owners or co-signers for your debts.
2007-12-04 03:35:02 · answer #2 · answered by npk 7 · 0⤊ 0⤋
Any money, properties, vehicles, etc. will be sold to cover your bills before they are distributed to your estate.
2007-12-04 03:23:29 · answer #3 · answered by J M 4 · 0⤊ 0⤋
Your estate if you die owning anything, otherwise they write it off.
2007-12-04 03:17:55 · answer #4 · answered by Judy 7 · 2⤊ 0⤋