no if you did not sign anything
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
If the debt is less that seven years old and if the spouse was a joint account holder, then the spouse would be responsible for the debt. If, however, it was a separate account or the surviving spouse was only an authorized user on the account, they are not responsible for the debt. * The 7 years relates to the length of time that the information can remain on the credit report. There is no time limit on debt collection only on the amount of time that the creditor has to pursue legal action to recover money owed (debt statute of limitations). You would be responsible for a joint account only, although it is not unusual for creditors to attempt to collect from authorized user's whether or not they are a spouse of the account holder.
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.
A married couple is seen as a economic unit, so to speak. So the widow is responsible for the debt.
not if you have death insurance on the loan and credit cards
The estate is responsible for debt. That is one of the reasons for opening probate.
When someone dies, any debts they leave are paid out of their 'estate' (the money and property they leave behind). You're only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you aren't automatically responsible for a husband's, wife's or civil partner's debts.
If a dependent parent dies then the estate will be responsible for their tax debt. If you are over their estate then you would have to ensure that the government gets their taxes.
The husbands estate is responsible, but not the wife directly. The amount of the husbands debt will be subtracted from his assets after his death. His wife will usually inherit what is left, unless the husband left other instructions in his will (ie leave everything to charity). If the husband dies and his debt is larger than his assets, then the creditors usually lose the difference. This is all handled through probate court, and a judge can choose who gets what.
Review the divorce decree. It typically specifies who is responsible for the debts of the couple. Their estate has to resolve the debt if it was assigned to them.
The estate or co-debtors.
The estate of the person who dies is responsible for paying off the debt.
If the person left a Will then Probating the Will will pay all debts the person has left behind and what is left in the Estate (is called 'residue) and this is what is left for the Heirs in the Will. If the person dies without a Will whatever they have is sold and debts paid off, but it's not up to next of kin (unless their name is on the credit card application) to pay the debt. Example: If a husband passes away and the husband and wife's name is on the Credit Card (it usually is) then the wife is responsible for the Credit Card debt.
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.