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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
What happens to consumer debt once dropped from a credit report?
They die
What happens when you die owing money for credit cards and utilities?
The debt is given to your closest relatives
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.
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.
What happens when debt can't be validated?
Legally there is no debt, if it can't be validated.
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 to a lien placed on a property and that person who is owed the money dies?
The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.
You owe money if you die is the debt over?
No the debt passes on the the heirs of the estate.
In Colorado what happens to your debt and car loan if you die?
Someone, normally a family member, will be appointed as executor of your estate. That person is in charge of your assets and debts as allowed by law.
What happens when a family spends more money than it has?
they have debt
What is account reaffirmation on a debt?
this is were you agree to pay the debt that you originally signed with the creditior this usually happens when someone is filling bankruptcy.
