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A married couple is seen as a economic unit, so to speak. So the widow is responsible for the debt.
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∙ 15y ago
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Is a wife responible for a credit card debt if her husband dies?
The husbands estate is responsible, but not the wife directly. The amount of the husbands debt will be subtracted from his assets after his death. His wife will usually inherit what is left, unless the husband left other instructions in his will (ie leave everything to charity). If the husband dies and his debt is larger than his assets, then the creditors usually lose the difference. This is all handled through probate court, and a judge can choose who gets what.
If my husband dies and leaves credit card debt and our childrens parent plus loan debt am I responsible for assuming the debt in PA?
not if you have death insurance on the loan and credit cards
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 responsible to pay a debt in NC if your spouse dies and has a will and leaves credit card debt with cards in her name only?
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.
Who is responsible for credit card bills after someone dies?
When someone dies and leaves a debt for which there is no co-debtor, the decedent's assets may be used to pay the debts. In many states, a proceeding called a "probate" is the avenue whereby the assets of the decedent are collected and either liquidated to pay debts, or if the debts have been paid, distributed to heirs.
If a 20 something year old dies and has debt under their name is the parent responsible for the debt?
No. The person's estate would be responsible for the debt. The creditor could attach any assets owned by the decedent but if there are no assets the creditor would be out of luck.
Is wife responsible for line of credit debt in husbands name if he dies?
The assumption is that the wife will inherit at least half, if not all, of the husband's assets. That will normally include the property securing the line of credit. And the estate has to liquidate all assets before they can transfer them to the spouse. So one way or another, the wife does end up resolving the debt. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
If your husband dies are you liable for his debts?
Liability for debts varies greatly by circumstances. And 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 debts before they can transfer them to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?
The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.
What happens to the assets when my deceased husband's stepmom dies and he is a beneficiary in her will?
They will try to get the next of kin according to the will. I assume as your his husband that you should be the closest of kin
If your husband gets a loan for a truck in his name only will you be responsible for the debt if he dies?
no if you did not sign anything
Do the kids have to pay their mother's outstanding Visa balance when she dies if she has no assets and no husband?
No, in this type of situation only the account holder is responsible for the debt. If there is no estate the debt will be voided. Please be advised this does not necessarily mean an unethical collector/creditor would attempt to convince family members they are obligated for repayment.
