2007-12-06 11:45:29 · 15 answers · asked by origen01 3 in Business & Finance ➔ Credit
Estate = estate tax? Doesn't the tax vary from state to state? If a state does not have an estate tax would the creditors have no means of collection?
2007-12-06 11:55:08 · update #1
Hopefully your question is just for effect and not a serious inquiry based on your future actions.
2007-12-06 11:49:31 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If the person has an estate or owns anything, the money will be taken out of that to pay the credit cards. But if the person literally has nothing, the company will just write it off. They cannot go after other people for the debt.
2007-12-06 12:57:42 · answer #2 · answered by Budlightgurl 4 · 0⤊ 0⤋
If there is a co-sing-or, he has to pay first. Then, the estate has to pay if there is anything left in the estate. In the end, the credit card company will have to write it off as bad debt ( a loss to the credit company).
Hopefully, you are not trying to take some action? right.
2007-12-06 15:09:42 · answer #3 · answered by Super Mimi 4 · 0⤊ 0⤋
it depends on the terms and conditions of the card that was signed up for, but generally it will be taken out of your estate before anyone gets any inheritance, or the debt is left to remaining immediate family members, or benefactors of the will. I really hope you aren't considering ending it all, especially over debt. There are many services that will get you back on track financially. Yes, it will take a while, depending on the size of your debt, to pay it off, but there is sooooooo much in life to live for, that living in bankruptcy is nothing.
All the best and God Bless.
2007-12-06 11:54:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The executor of the estate notifies the credit card company by sending a copy of the death notice that the person has died, and asking if the credit card company still wants to be paid. If the credit card company answers in the affirmative (I think they have to do it within four months), then the executor has to pay them with proceeds from the estate.
*I am making this up. Sounds plausible, though, doesn't it?
2007-12-06 11:49:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
The estate pays the debt.
2007-12-06 11:49:16 · answer #6 · answered by michinoku2001 7 · 1⤊ 0⤋
Same as what happens if they die normally. Creditors file claims against the deceased estate in probate or, if there is nothing to be had, they write it off just like in a normal case.
2007-12-06 11:53:51 · answer #7 · answered by Anonymous · 1⤊ 0⤋
As someone who handled this, unless the balance is incredibly large or newly charge up they probably won't even try to go after the estate.
2007-12-07 17:06:07 · answer #8 · answered by Ilsa 2 · 0⤊ 0⤋
Your question worries me, but going after the estate is their only recourse. Unless someone else's name is on the loan, like a co-signor on a car.
The co-signor than is responsible for the debt.
2007-12-06 11:52:53 · answer #9 · answered by wcowell2000 6 · 0⤊ 0⤋
well, the creditor can pursue the debt through the estate. Past that they usually have little recourse.
2007-12-06 11:48:22 · answer #10 · answered by Rafael P 4 · 1⤊ 1⤋