Unanswered | Answered

Debt Responsibility

~1700 answered questions
Parent Category: Estates
Questions relating to the responsibilities for debts left by an individual that has died.
%DETAILS% YES   Yes, you owe them money or yes they owe me the title if it has been written off? Thanks for your help.
Popularity: 53
%DETAILS% Answer Once the divorce is final - the non-working spouse is no longer eligible for coverage. Claims would be denied. The ex would be elibible for COBRA though. For more details see http://www.steveshorr.com/dependent.definitions.htm www.steveshorr.com/cob…
Popularity: 92
Yes.Howevery, if the will specifically names the proceeds, then it will get confusing. You should probably get a lawyer and review case law.For more info. see www.SteveShorr.com/life.htm   Whoever's name is on the will, gets all- but, depending on the amount, and complexity of the estate, thi…
Popularity: 45
If you are not currently responsible for your husband's credit card debts, that situation would not change upon his death. Howvever, his estate might be expected to pay off the balance of any money owing. Whether or not that happens depends on how his estate is bequeathed, planned and managed. Speak…
Popularity: 28
The credit card company will first try to collect from the estate. Creditors are not allowed to put the extra debt baggage on survivors if the estate is insolvent. Creditors will most likely close the account and write it off when they receive the death certificate and has filed a claim in probate t…
Popularity: 370
SS, federal pensions are totally exempt from seizure by creditors. An IRA might be partially attached for debt, dependent upon the way the plan was funded. And the terms it is controlled by, such as the named beneficiary, etc. Consult the CA exemption statutes.
Popularity: 50
The estate of the deceased is responsible for the debt.
Popularity: 52
Authorized users are not responsible or liable for debt they have not contractually obligated themselves to pay. This is a sticky point right now. Creditors and credit bureaus are routinely reporting accounts for consumers who are authorized users. This is a violation of the letter of the law, but i…
Popularity: 48
If the deceased had unsecured debts in their name only, and the married couple did not reside in a community property state, only he/she is liable for the debt(s). If it is a secured debt in his/her name only the property may be subject to repossession, lien placement, sale, and so on. What action a…
Popularity: 39
No. NC is not a community property state. Therefore the debt belongs completely to the deceased. Probate procedure for collecting and distributing assets and paying debts, are governed by state law.
Popularity: 43
If the couple lived in a communtiy property state, they are both responsible. Even if only one was the account holder.In rest of the states the person who is the account holder is the only one responsible for the debt. Depending on state law, there could be probate procedures determining assets and …
Popularity: 38
The question is do you have valid grounds to win a lawsuit? The charge of harassment is very subjective. The FDCPA does not apply to original creditors. The majority however adhere to the regulations because it is good business practice. If you sue and lose, you end up with more expense added to the…
Popularity: 45
All plaintiffs have to prove their case to the satisfaction of the judge or jury. When someone is sued for a debt,information concerning the collection of the debt will already have been offered to the defendent. It would be in the form of a letter informing the debtor they have 30 days to request v…
Popularity: 111
That's a question that really needs to be answered by a BK attorney that handles business BK's. The laws governing those type of BK's are different from personal filing. Each state has laws governing business ownership and the financial transactions of that business. They can be very complicated. Wh…
Popularity: 35
Only if the couple reside in a community property state and that is where the financial transaction took place.
Popularity: 143
No, not unless you are otherwise liable for the debt. Surviving a decedent has nothing to do with liability. However, if you had an obligation to support the decedent, you may be liable for that person's "necessaries." If you are the decedent's surviving spouse in a community property state, your ha…
Popularity: 149
The short answer is no. Narcissism is not caused in adulthood. There is nothing one adult can do to another adult that will cause something as serious as narcissism. The adult psyche is far too well established and functional to be destroyed in the way one with narcissism has their psych destroyed. …
Popularity: 184
Tax Responsibility for Deceased Parents It could depend on what kind of taxes. If it's US Federal or state income tax, only the person(s) signing the return are liable. If it is property taxes, the house will be sold at auction after it is seized by the tax collector. The IRS/State can take the fil…
Popularity: 144
Executors and Heirs' Rights If you do not agree with the executor, you may wish to hire an attorney to act on your or your families behalf. Heirs do have rights, but, as with most issues, heirs need guidance from someone. Attorneys are educated in all aspects of the law. Most specialize in something…
Popularity: 188
A creditor might be able to assert some sort of claim to the portion of the estate going to the heir if the Administrator is served with notice of a judgment. Remember, the Administrator is wholly responsible for every dime spent and is also accountable for their actions regarding paying debts.
Popularity: 92
If nothing else, the spouses Estate would have to pay it, if there was $$$for more info see www.steveshorr.com/estate.planning.htm
Popularity: 37
Perhaps, a child's financial obligation to a parent's care, depends on state laws. W/O knowing the state of residence it is not possible to give a more precise answer.
Popularity: 37
Answer Why is the debt being paid? Was the deceased the only account holder? These things are very important, because ONLY the account holder is responsible for credit card debt. There are a few exceptions, but generally even they can be voided via the appeals process. Therefore, the interest cha…
Popularity: 34
Yes, you can go to a lawyer and have him "contest the Will" for you. The reason for this is, if you don't trust your relative who is Executrix (women) Executor (man), just this action alone will make that relative "stand up and fly right" because they could get into trouble. What is due you, you sho…
Popularity: 69
Executor (male), Executrix (female) has the right to refuse this duty. It is best to seek legal counsel and one of you can take over the duty. It is best when making up your own Wills that you name more than one person as either Executor or Exectrix (or both.) In some cases, and depending on what St…
Popularity: 90
If you were to leave your husband than half of all he owns his yours including his Retirement Fund. However, if you remain married it should be a "given" that the money is both yours. My husbands father passed first, the Estate automatically went to my mother-in-law, but when she passed she divided …
Popularity: 74
Unfortunately yes. It's the same in Canada. Even though he may have the credit cards and she didn't, any debts he incurs are her responsibility. There is a loop hole though (I found it when I got a divorce from my first husband.) When you owe money to any company, be it a credit card company or not,…
Popularity: 44
Generally such issues are decided before the final decree is granted and usually it is not possible to have the decree amended. If there are no terms for such issues included in the divorce decree the matter usually needs to be determined in a lawsuit against the non requesting party if an equitable…
Popularity: 35
Go to the probate court and ask to be appointed the executor. In most places there is a simple couple of forms to fill out, including a listing of all possible beneficiaries.Aggie80 Probate Attorney
Popularity: 50
If the trust took out the auto loan the answer is yes.Usually an individual or a company takes out a loan If an individual took out the loan , and died without satisfying the loanthen the loan company would have a claim against the vehicle , and if theindividual passed away their estate would be lia…
Popularity: 46
If you live in the U.S. there is nothing you can do about his ruining your credit while you are still legally married. Even if he gets credit cards in his own name, as long as you are married you are responsible for half of the bills, to my knowledge. I advise to speed up the divorce as fast as you …
Popularity: 24
If the account(s) are joint then the other account holder's become responsible for the debt. If the account is held by only one person and that person is unmarried the debt solely belongs to the account holder.   Married couples residing in community property states are accountable for deb…
Popularity: 29
The answer to your question if you have over 500 accounts that are past due is to purchase an enterprise level software that allows you to report to the credit bureaus using a metro 2 format that the bureaus accept files in. The 500 account minimum is imposed by the credit bureaus and you would need…
Popularity: 34
No, surviving family members are not responsible for the debts of deceased persons if they were not listed as a joint account holder or borrower.The exception being a surviving spouse when the couple resided in a community property state.
Popularity: 10
Your parents would have had a Will and the Estate (your parent's home, all monies they have, etc.) are Probated before anything in that Will is released to the Heirs. Probate makes sure all personal/property taxes are paid, all creditors are paid off and what is left in the Estate is called the "res…
Popularity: 18
Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small e…
Popularity: 761
Answer Alaska Statutes, Title 9, Chapter 38 Exemptions.
Popularity: 20
The estate has to pay all of the debts off if at all possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Popularity: 1
The banks would like you to think that the person's family is responsible, but this is not true. The person who made the debt and who has no other person on the account is responsible. This means that a husband or children of the person who died does NOT inherit the debt unless it is a joint account…
Popularity: 3
The creditor can try to collect from the ex-spouse regardless of the terms of the divorce decree. Whether or not the court will allow such action depends upon the state in which the couple resided at the time of their marriage.
Popularity: 1
You contact your county Aging/Soc Serives agency and report your sister to the elder abuse unit. Then you petition the court to be appointed your mother's guardian. The appointment of a guardian will extinguish the POA. You should consult with an attorney who can review your situation and explain y…
Popularity: 15
Debt responsibility after death The estate covers the bill. If the spouse is still alive, he/she will probably have to cover the bill with the proceeds of the estate. If there aren't enough assets to cover the debt, and the credit account was not joint with anyone else, the credit card company w…
Popularity: 6
Answer There is an estate!  If you haven't opened one, you should.  The estate is responsible for the debts.  Consult an attorney for the area that you live in for specifics. 
Popularity: 15
No. In order to settle an estate, the court has to validate it. It can be done fairly quickly, and fairly cheaply, depending on the assets. A family member with a bit of reading can do most of the work in a matter of hours and then one has to wait the legally proscribed times for debts to come forwa…
Popularity: 1
There are several IRS publications that may help you. Get them on the web at IRS.gov First, there is a concept called "innocent spouse relief" that you can read about in Pub 971. Others deal with deceased spouses in general and they are Pub 554 and Pub 501. The answer is generally, Yes. Presuming i…
Popularity: 25
Only if he or she is a named joint debtor on the contract or lending agreement.
Popularity: 6
No i don't think so because its in your name. i wont really know but that's what i think any way
Popularity: 14
No one is responsible. If the estate has run out of assets, the debtors are out of luck.
Popularity: 1
You should have in hand the death certificate and the will. Go to the courthouse in the county that the person you are executor of lived in. Show the death certificate and will to the probate court office and tell them you need to set up a 'Probate hearing"..this is the point that my husband is at n…
Popularity: 0
Answer A popular way to handle burial cost is with life insurance. This however, is generally not the smartest way, as typical life insurance policies are subject to attachment, garnishments, IRS liens, Medicaid regulations, etc. etc. They can be easily 'lost', even though you've paid for them ov…
Popularity: 13
The executor is often a beneficiary of the will. They have to show the court a complete accounting of the estate. This means the judge has to validate that they aren't taking more then they are entitled to.
Popularity: 1
Read the document that created the trust to find how the trust can be terminated. If there is no provision for terminating the trust you need a court order.
Popularity: 3
I would say it depends on if you live in a community property state or a non community property state and if your name is on the bill or contract.
Popularity: 1
Yes, the executor must file taxes. That is one of their responsibilities to the estate.
Popularity: 1
Answer Definition: (ex par-tay, but popularly, ex party) adj. Latin meaning "for one party," referring to motions, hearings or orders granted on the request of and for the benefit of one party only. This is an exception to the basic rule of court procedure that both parties must be present at a…
Popularity: 46
One type of ex parte hearing is presided over by a judge at which all the parties are not present. The most common reason being a request for an emergency injunction of some sort. The most common of those requests are domestic matters such as requests for a temporary restraining orders or temporary…
Popularity: 25
All the property of the deceased goes into an "estate". This estate must be settled, property, debt, etc. Typically what happens if the debt is covered or not more than the property value, then it is up to the individual who wants the items that are available to petition the estate for it, also the…
Popularity: 15
All states have a law known as the statute of descent and distribution. When a person dies intestate (with no will), their real estate, personal property and money go to their heirs according to this statute. In other words, the state makes a will for anyone who did not do so. A person who dies tes…
Popularity: 17
Your obligation is to let your attorney and/or bankruptcy trustee know about this. They will decide if the asset needs to be divided among creditors or included in your payments.
Popularity: 1
It depends on if California is a community property state or non-community property state.
Popularity: 2
Your mother's estate is responsible for paying her debts. Her debts must be paid before any property can be distributed to her heirs. If the debt is greater than the value of her estate, then her creditors are out of luck. You should consult with an attorney who specializes in probate who can review…
Popularity: 11
As long as the children are adults and there is no surviving spouse the children would qualify to probate the estate. If there was no will one must petition to be appointed the administrator of the estate. You should consult with an attorney who specializes in probate law in your area.
Popularity: 17
The estate of the deceased is responsible for the debts. Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse.
Popularity: 1
ANSWER: Not that I know of, but try this. Send them money, anything that you can afford, even if its only five dollars a month. If they refuse payment, they nullify the bill. Just make sure you try to pay something on the bill per month. Even if you owe 50 thousand dollars, as long as you pay som…
Popularity: 8
The survivor or survivors are not responsble for paying it off.
Popularity: 1
my daughter die how do I go about finding out about her mortage
Popularity: 1
At death, your will goes through probate. Probate simply means the process by which your last will is determined to be your final dispositive statement and which confirms the appointment of the person or institution you have named to administer your estate. The term "probate" is also used in the lar…
Popularity: 12
If the couple resided in a community property state at the time of the account holder's death the surviving spouse is responsible for repayment of the debt owed. If the couple did not reside in a CP state the debt will be included in probate procedure and handled according to the state's laws of di…
Popularity: 40
No. One of the duties of the executrix is to identify all of the assets of the estate, including any other stocks, bonds, bank accounts and property. Only when a complete inventory has been finished and the debts identified can the estate be closed. You should probably consult with a probate attorne…
Popularity: 37
The will normally names an alternate executor who would take over if the first executor dies or declines the appointment. The alternate executor would petition the probate court for appointment. In the event there is no alternate named, or if that alternate does not want to or cannot be appointed, t…
Popularity: 3
Yes because its better to have it and not need it than to need it and not have it. 10% can afford any lawyer and 10% are qualified for a public defender on their behalf. Where does that leave the 80% when we find ourselves in court? S.O.L. for the most part. Some of us are lucky to have the family h…
Popularity: 2
There is no such thing as unexempt assets. They are called non-exempt assets, and they are assets that must be given up.
Popularity: 1
I am so sorry your sister passed away.Generally a Will is left and an Executor (male) or Executrix (female) has to carry out the wishes of that Will. Most Wills go into Probate so that all personal taxes, any property taxes and any debts by the deceased are paid off and the residue left is the Estat…
Popularity: 9
An executor is someone that completes or executes an order. It is normally someone that will execute a will through the probate process.
Popularity: 1
Most certainly they can challenge it! There are many ways that a spouse can protect their rights. In most cases there are homestead rights and dower rights. Consult a probate attorney in your area!
Popularity: 0
They are the person responsible for the estate. They have a fiduciary duty to preserve the value of the estate. A complete inventory and valuation of the assets must be completed. They can then sell assets to pay bills. They must resolve debts and bills and pay all taxes due. Then they distribu…
Popularity: 2
This previous answer is incorrect. A sole proprietorship is an individually owned entity, it is legally the name or service of that said person. Therefore the company dies when the owner dies, you cannot not operate "Mary Smith Accounting CPA", if you are not Mary Smith. In order for the company to …
Popularity: 26
The form is one that conveys the property to A, but reserves a life estate to B: I hereby convey my farm to my sons but I hereby reserve to myself a life estate.
Popularity: 30
The Reverend Paul Jones was robbed and shot twice, leading to his death. Alfonso Graham was charged in the slaying, but his trial ended in a mistrial. He later pleaded guilty to aggravated robbery. He was aided by an unnamed 14-year old, who testified against him.
Popularity: 1
The estate of the deceased is responsible for all debts after the person dies.
Popularity: 1
Answer yes, all banks report any large transaction to the IRS, this will appear as money earned on your yearly income. No. Your mother would be making a taxable gift to each of you and your husband. She should file a gift tax return showing the gift. A portion of it would qualify as annual exclu…
Popularity: 13
Internal Revenue Service
Popularity: 4
Answer The deceases "estate" should take care of any medical bills that have gone unpaid. Also Medicare should be paying part of this if the deceased was age 65 or over. Whether or not the hospital can come after family members for this needs to be answered. Surviving family members are not resp…
Popularity: 18
No, the children are not responsible. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Popularity: 2
Most jurisdictions require an attorney to be involved. This makes sure the executor understands what is going on and knows the laws. Consult an attorney in your area for the specifics, and they can tell you what to expect. There are small estate rules that can eliminate the need for an attorney.
Popularity: 0
I feel the executor has full power over the heirs! Implead into the probate proceedings started up by the executor and question the anomalities you have seen or apprehend. Whatever be it, remember that the executor is the legal representative of the deceased for all purposes, and all the property …
Popularity: 10
Yeah, you can demand that you be buried with money in your will. Its something that the lawyer and who ever is carrying out your will take care of. So you can do it...but i don't if people actually do. Yes and No. A person can make such a request in a valid Will but to what extent that request is g…
Popularity: 15
If the deceased has no way of paying for their own funeral, and no one cal be found to foot the bill so to speak. The deceased if given a very simple burial, still referred to today as a Paupers burial. Their coffin is a simple box and they are buried in an unnamed grave, usually marked by a number.
Popularity: 3
I'm confused... Your the benficiary of what? Life Insurance or a Will? The deceased left debts...and taxes? If you are the beneficiary of a life insurance policy...the proceeds go to you..in full (after paying back any loans taken against the policy), no matter what. Independent of the "estate" of t…
Popularity: 17
Answer The general answer is that the individual or group of individuals that step forward to make a claim on the estate will be accountable for the debt. The lack of a will makes assignments of the assets (and the debt) more difficult, but not impossible. The court has been down this road befo…
Popularity: 41
If he did not have insurance to cover the debt in the case of his death, the Probate court may order debt payment from the proceeds of his estate. If the proceeds are inadequate, the creditors may look to his heirs to make the debt good. His estate. If there are no funds, his heirs will not be charg…
Popularity: 8
No, it is not generally necessary.
Popularity: 20
Personal debts owed to the deceased If the decedent was owed money (such as they loaned money to someone) and the agreement was writing, this can be collected by the executor of the estate. If the arrangement was on a casual basis this may be difficult to prove and it's unlikely that the debt will …
Popularity: 2
ANSWER If you deed your property over to your kids and retain a life estate, you are no longer the legal owner, you only retain the right to the ongoing use and enjoyment of the property. You may not sell it, or refinance it. You may only downsize with the consent of the owners of the property, …
Popularity: 6
Probably. In most cases the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
Popularity: 2
Unless he had insurance to cover bills in the case of his death, the creditors will be looking to the heirs of his estate to pay them. The issue will more than likely be presented by his creditors in the Probate court.
Popularity: 38
The cost can vary, depending on how elaborate you want the coffin, flowers, etc., to be. But the average cost is around $5,000 - $7,000, meaning some can cost less, and others cost more. A lot also depends on what part of the country you live in and how elaborate you want to go. There are many aspe…
Popularity: 2
Yes. A creditor can file a claim against a decedent's estate. Each jurisdiction has its own statute of limitations for filing such a claim.
Popularity: 5
The assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all the credit card debts before the can transfer any remainder to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real pr…
Popularity: 1