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Answered 2008-05-03 20:53:04

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....

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In Ontario what happens to your credit card balance when you die?

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.

Does your wife have to pay off your credit cards when you die?

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.

Can you stop paying your credit cards if you are dying?

If you die than you won't have to dumbo

What happens to my credit card debt after I die if I have a power of attorney?

If you have money or property - the bills will be paid. If you don't have any money the bills won't be paid.

What happens when you die owing money for credit cards and utilities?

The debt is given to your closest relatives

Does your credit card debt die with you?

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.

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 the adult children responsible for credit card debt after parents die?

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.

Are adult children responsible for credit card debt after their parents die?

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.

Where are most bills pigeonholed?

Most bills die in committee.

Is the surviving spouse responsible for medical bills after death in Indiana?

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.

What happens to most bills that are introduced in congress?

most bills die

What stage of the legislative process do most bills die?

Most bills die in the "committee" portion of the legislative process.

Who is responsible for your credit cards when you die if there is no husband?

Typically the estate is responsible for clearing up any liabilities. The affairs of the estate are usually handled by the executor of the estate.

Where do most bills die?

.In committee

If someone runs up credit card bills knowing they will die with no estate spouse or joint account holder will the company ask the family to pay?

The CCC might "ask". However, in the situation you describe, the family would not be legally bound to pay the decedent's bills.

What happens with your debt if you die and have no relatives?

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.

When you die can credit card companies put a judgment on my property? 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.

At what step do most bills die?

in the committee

Where do most bills die in the House?

in the comittee

Where do most bills die in congress?

In committee

Is your estate responsible for your credit card debt after your death?

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.

At what stage do most bills die at in the legislative process?

The vast majority of bills die in committee before they are even taken up for full chamber debate.

If you take out a loan and then you die who pays for it?

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.

What happens to your bills when you die?

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.

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