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Yes, parents often go into debt. It is expensive to raise children.
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∙ 9y ago
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What happens when parents die and their debt is more than the assets by over 60000 in credit card debt and is this debt cancelled?
the debt dies with them... you owe nothing
Are you still responsible for a debt if your parents assume responsibility for that debt?
Minors cannot legally contract for a debt. Only their parents/guardians can assume that responsibility. So, your parents ARE responsible. On the other hand, if you are legally an adult and contract for debt - and your parents 'assume' responsibility for it -there would have to be legally binding paperwork naming them as the debtors in lieu. Simply giving their word is not sufficient, and you would remain responsible.
If both parents die who is responsible for the debt?
The estate.
Will the debt of the parents have to be paid by the children when they die?
The debts of the parents are paid by the parent's estate, not their children.
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
Can a bank force parents to pay their child s credit card debt?
I don't know all of the facts, but I do that if the child is dead, the parents or legal guardians will be liable to pay off the debt.
Can a child make a visa card?
Making a credit card would be forgery and illegal. A minor is not able to sign a contract and is not allowed to incur debt. Their parents may give them a card, but the parents are responsible for the debt.
Can debt collectors come after parents of adult child for unpaid bills?
Not unless the parents are a party to the agreement such as a co-signer.
Must an unwritten debt to deceased parents be paid by a daughter to the estate in irrevocable trust?
In reality, if there is no written proof of the debt, the estate cannot collect.
Can a credit card company collect from a deceased persons parents?
Not unless they were guarantors of the debt.
How can I help my parents with debt management?
It's great that you are attempting to help your parents with their debt management by the way of credit score advice. You could first help them assess what bills are causing the biggest strain on their pockets and from there attempt to down size.
Are children responsible for parents debt in Maryland?
Not unless said children have made a written or verbal agreement with whomever holds the debt to repay monies owed.
