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Yes. Your estate is responsible for your debts after your death.
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∙ 14y ago
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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.
Who pays credit card debt if you die?
The debt will be paid from your estate. If there isn't enough, then the debt is discharged. The debt itself will not pass on to next of kin but a sizable debt might mean none of the deceased's estate does either.
Who is responsible for a persons debt when they die?
The estate will be responsible. If there are not enough assets to cover the debts, then they will not be paid.
What happens if you die and your debt is greater than your estate?
Funeral expenses get paid first. Medical debt related to death usually next. The rest is divided up (usually) pro rata.
You owe money if you die is the debt over?
No the debt passes on the the heirs of the estate.
If both parents die who is responsible for the debt?
The estate.
Who pays for your debt if you die if your estate doesn't cover it?
your family
Does 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.
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.
Is your wife responsible for your student loans if you die before they are paid off?
If you obtained individual credit, your debt often dies with you by lender policy or due to the prohibitive cost and effort required to collect from the estate of a decedent. However, your estate is still technically responsible for the debt, which may impact a spouse. The debt will not report on her credit (unless she is a co-signer), but the creditor may sue for judgment against your estate. This is one of the benefits of a Trust, which can hold major assets safely away from the grasp of creditors to whom debts are owed as an individual.
Are you liable for unsecured debt if you die in Florida?
A dead person in any state is not liable for debt. The deceased's estate is responsible for the debts to the extent there are assets in the estate to pay them.
Do you have to pay the debts of your parents if they die?
The estate of a decedent is responsible for the debts. The debts must be paid before any assets are distributed to the heirs.
