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Can you refuse to inherit a house which has more debt than it is worth?
Wiki User
∙ 14y ago
You have the ability to turn down an inheritance. It is usually done to avoid tax consequences. In this case, it can help avoid issues and let the estate resolve the imbalance.
Wiki User
∙ 14y ago
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Do you inherit debt?
No, you do not inherit debt. Unless you choose to do so. The estate is responsible for ending the debt by either paying it off or showing the court there are no assets.
In Nevada do you inherit your spouses debt when you get married?
yes
Can a debt collector refuse a payment if you offer to pay?
can a debt collector refuse payment after it is offered after being swiched from one company to another and not being 30 day notice
Can credit card debt be inherited in Texas to the children?
It is not 'passed on.' However, the debt does take the value out of the estate. That means the children will inherit less.
Can you inherit debt?
No, debt is not inheritable. The purpose of an estate is to settle all debts before anything is distributed. You can opt to accept some debt, for instance a mortgage, if you want the home. Be careful what you say when talking with creditors.
Do you inherit debt?
No, you do not inherit debt. Unless you choose to do so. The estate is responsible for ending the debt by either paying it off or showing the court there are no assets.
In Nevada do you inherit your spouses debt when you get married?
yes
Can a debt collector refuse a payment if you offer to pay?
can a debt collector refuse payment after it is offered after being swiched from one company to another and not being 30 day notice
Can credit card debt be inherited in Texas to the children?
It is not 'passed on.' However, the debt does take the value out of the estate. That means the children will inherit less.
Will you be forced to sell deceased mother's house in Maryland left to and where family members are living to cover mothers credit card debt?
Yes, the house will probably have to be sold to pay off the credit card debt if there are no other assets. The alternative might be for those that live there and are to inherit to take out a mortgage and buy the house from the estate for the amount of the credit card debt and pay off the credit card bills. This would eliminate the credit card companies placing a lien on the house and allow them to get clear title.
Can they lien your house for dead spouse medical debt in pa?
The spouse is not personally responsible for the medical bills, unless they co-signed them. However, the estate is responsible. Which means that the estate may be depleted and a lien placed on the house. The spouse may not inherit anything.
Can a spouse refuse to answer a debt collector's questions?
Anyone can and should refuse to answer any question about anyone other than themselves, especially to a collector.
What may debt collectors do?
can a debt collector come to your house to collect a debt
Is it legal for a debt collector to refuse to respond to me and if so can they report my debt and lower my credit score if they won't disclose my debt information.?
No, a debt collector must legally tell you what kind of debt you owe and how much debt you owe. You can consult an attorney for more details.
Can you inherit debt?
No, debt is not inheritable. The purpose of an estate is to settle all debts before anything is distributed. You can opt to accept some debt, for instance a mortgage, if you want the home. Be careful what you say when talking with creditors.
What is the debt to tangible net worth ratio?
There is not an exact formula for the debt to tangible net worth ratio. However, generally speaking, it is an exact ratio of how much debt a company or person is in, compared to how much they are worth (net worth).
Can your home be taken for debt owed?
If it is a debt against the house.
