If a person dies and owes money on credit cards, the person who issued the credit cards loses. The merchant still gets his money. (The credit card companies make money by charging merchants a small fee on each transaction. They make interest. They lose money on deadbeats and deaths.)
You are because you incurred the debt.
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
The dependent's estate is required to resolve all debts. If there are co-signers on the credit card, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
If they are not an account holder they are not responsible for the debt. All debts and assets and wills are handled in accordance with the state probate laws in which the deceased lived and/or owned property.
If the estate has any assets, the estate should pay for the debt before anything is passed on to the heirs. If there are no assets the credit card company will just have to write it off. You are not held responsible unless you co-signed for the card.
The "you" who would be responsible for his credit card debt would be the benefactors of his estate. In most states, that automatically goes to the wife. I would check with an attorney before liquidating any assets to pay the debt.
The estate is responsible for the decedent's credit card debt.
No, the spouse is not responsible. However it does come out there assets left behind.
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
You are because you incurred the debt.
The person who carried the card is still responsible for the debt.
If you are not a joint account holder you are not responsible for the debt. The debt will be included in any probate hearings. The court will then decide which debts (if any) are paid out of the estate assets.
The estate of the deceased is responsible in Michigan. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
The estate of the deceased is responsible in Indiana. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."
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 will have to pay it out of their own pocket. Credit card companies cannot force the family to pay the debt. == ==