If one dies with no assets, not impossible in a small estate, then as a general rule there is nothing to pay debts with period; a credit card creates a debt; when a person dies, his estate is supposed to be distributed according to specific state rules; the rules create an order for the distrubution of assets. Where there are no assets, obviously the rules of order dont apply. In most of the states in the United States of America, debts which are incurred (gotten) in the name of a dead person while alive are debts to the estate, not to the living, unless there is a certain kind of fraud and it can be shown. In less than lofty language, as a general rule, where there are no assets, creditors eat the debt. (Which is one of the reasonx, creditors tend to limit debt to that which they feel comfortable in expecting to get back.For example, in this particular economic and financial climate, creditors and lenders are more interested in what they get back rather than what they get. In short, if the dead owe the debts, then the creditors have to look to the dead for the debt. Not the living....
In almost all jurisdictions, any money owed by a deceased person is payable from the assets of that person. Typically, money held in a bank account for that person can be used to pay outstanding bills but funds from other assets such as physical property, houses etc can be used. If there are no assets (the deceased had no money and no property of value) then the amount owing on a credit card will be written off. In this case, his relatives are not responsible for the debts.
Not unless she is liable for the debt by another rule of law; e.g., she is a signatory on the debt or the debt is one for "necessaries." However, the decedent's nonexempt assets still are liable for the debts.
If you die than you won't have to dumbo
If you have money or property - the bills will be paid. If you don't have any money the bills won't be paid.
The debt is given to your closest relatives
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 debt dies with them... you owe nothing
No. The credit card companies will try to get you to pay off your parents bills but you don't have to. It is all volunteer. I was glad to learn this since my mother is 81.
No. The credit card companies will try to get you to pay off your parent's bills but you don't have it. It is all volunteer. I was glad to learn this since my mother is 81.
Most bills die in committee.
While rules vary by state, the answer to the question is "it depends." Directly, the surviving spouse is NOT responsible for any medical bills or other debts that are entirely in the name of the deceased. Typically this is the case with medical bills. If a person dies and their are probatable assets, then creditors can make claim on those assets. However, given a little planning you can die without ANY probatable assets. The following assets are not subject to probate: Insurance - with a listed beneficiary Retirement plans/annuities - with a listed beneficiary Accounts held TOD - Transfer on Death Accounts held POD - Payable on Death Accounts held JTWROS (Joint Tenants with rights of survivorship) House owned with a survivorship dead Assets held in a trust Note: At no point did I mention a will. A will is a declaration of where you want assets to go, but only those assets subject to probate. So if Dad has $50,000 sitting in a checking account with no POD or Joint Tenant, that assets is subject to probate.
most bills die
Most bills die in the "committee" portion of the legislative process.
Typically the estate is responsible for clearing up any liabilities. The affairs of the estate are usually handled by the executor of the estate.
The CCC might "ask". However, in the situation you describe, the family would not be legally bound to pay the decedent's bills.
Your creditors are entitled to be paid from any assets you have at the time of your death. Generally, if you have no assets they are out of luck.
...you...my...?When I die, your credit card companies have absolutely nothing to do with the situation.When I die my credit card companies will take whatever I owe them.
in the committee
in the comittee
Answer: Your estate is responsible for all of your debts when you die. The assets don't always cover the debts but any creditor can file a claim against the estate for money you owed them.
The vast majority of bills die in committee before they are even taken up for full chamber debate.
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
Companies write it off if they can not claim payment for the estate and the family does not pay it. The family is only responsible if their name is on the bills with the deceased. In most situations when monies can not recovered due to death, they the company writes odd the debt as bad debt. The estate of the deceased is responsible for contacting all possible debtors and informing them of the death. They are also responsible for a full inventory of the assets of the estate. If the assets are greater then the debts, all debts will get paid off and the rest distributed to the heirs.