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What happens when your partner dies and had outstanding credit card debt who is responsible for paying it off?
Wiki User
∙ 9y ago
If there is no legal connection (marriage or business partnership) there is no obligation. The estate has to be settled and the assets sold to pay off the debts before anything can be distributed.
Wiki User
∙ 9y ago
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Who is responsible for outstanding credit card debt if bank cancels your credit card?
You are because you incurred the debt.
Who is responsible to pay a credit card if the person dies?
The person's estate pays for all outstanding debts.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Is the wife responsible for husbands credit card bill?
No. The husband of the family is responsible for everything that happens to or by the family members.
What does accountability and responsibility mean?
Put simply - it means it's your problem ! If you obtain a credit card, you are accountable for any purchases, and responsible for the outstanding balance.
Who is responsible for a deceased mother's credit card debt which is in her name only and property has transfer on death on dead avoiding probate?
The estate is responsible to pay outstanding debt before being distributed to the heirs.
What happens when you own a home with your partner who is in foreclosure on another home?
Nothing happens to you.. It wont affect you anymore that it affects me... LOL But your partner will have a foreclosure on their Credit Profile. You are responsible only for the payment history on any loan with your name on it. The Foreclosure that your partner suffered shows only on the foreclosed party's credit bureau. You probably won't want to use that person as a co-borrower for a while. No mater what the type of Lender you apply to, you will have a rate and or fee add-on; due to the partners previous foreclosure. Trenton "Trent" Sims California Broker 310.422.0435, 310.807.9230 Tsims@Green PlanetFunding.com
What is the adjusting entry for wages posted twice?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of... entry is wages expenses are credit and outstanding wages are credit.
Who pays off the balance of a deceased credit card person?
Typically, the estate of the deceased individual is responsible for paying off any outstanding balances on credit cards. If the deceased person has a joint account holder or a cosigner on the credit card, they may also be responsible for the debt. In some cases, credit card companies may write off the debt if there are no assets in the estate to cover the outstanding balance.
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What happens to a joint credit card when one account holder dies?
Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
