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Is a beneficiary on any type of insurance responsible for any credit card debt?
Wiki User
∙ 17y ago
The beneficiary is not necessarily responsible, but the estate of the deceased will go through probate. At that time, any outstanding loans or financial obligations will be paid from the estate. This will have the effect of reducing inheritance and will seem to be "you" paying for the debt, but it actually the last bill everyone pays.
Wiki User
∙ 17y ago
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Is life insurance considered inherited property that a credit card company can claim after the death of a mother for unpaid credit card debt?
Depends upon the State of your mother's residence, and the beneficiary of her insurance policy. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse. Have you checked to see if your mother's account had debt cancellation coverage? Best of luck. Rjbeeg
If surviving spouse is insolvent is she responsible for credit card debt in Arizona a communty property state if her name was not on credit card and she never used credit card?
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
Who is responsible for outstanding credit card debt if bank cancels your credit card?
You are because you incurred the debt.
Who is responsible for your spouse's credit card debt?
depending on who was using the card, that's who's fault it would be... I'm going to assume since it was your spouse's credit card, that your spouse is then responsible for it.
Why would one purchase credit card protection?
Credit card protection is a form of insurance which an individual can take out with an insurance company. If the individual becomes unable to pay off their credit card debt due to illness or redundancy for example, the insurance will cover the debt.
Is the beneficiary of a life insurance policy responsible for the deceased credit card debt?
Not that I know of.. What does one thing have to do with the other?
Who is responsible for a deceased person credit card?
Bank's Insurance company
What happens to husbands credit card debt if he dies?
The deceased's estate is going to be responsible. The spouse can be held as a beneficiary of the costs and by inheriting less from the estate.
Is life insurance considered inherited property that a credit card company can claim after the death of a mother for unpaid credit card debt?
Depends upon the State of your mother's residence, and the beneficiary of her insurance policy. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse. Have you checked to see if your mother's account had debt cancellation coverage? Best of luck. Rjbeeg
Who is responsible for a deceased person credit card debt in North Carolina?
The estate is responsible for the decedent's credit card debt.
Is a surviving spouse responsible in Oklahoma for Credit card debt of the deceased spouse if the living spouse never signed and document?
In Oklahoma, the deceased's estate is responsible. The spouse can be held as a beneficiary of the costs and by inheriting less from the estate.
In Michigan is a surviving spouse responsible for the deceased's credit card debts?
The estate of the deceased is responsible for the debts. Indirectly, the spouse is going to pay the debts, either by a smaller inheritance or as a beneficiary of the goods and services purchased by the spouse.
Is an authorized credit card user responsible for credit card debt if the primary card holder declares bankruptcy?
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
In Alaska are your children responsible for your medical and credit card debt after you die?
They are not responsible for credit card or other creditor debt unless they are joint account holders, nor are they responsible to pay medical bills unless they signed a written agreement to do so. Life insurance death benefits are not subject to creditor attachment or to probate procedure when there is a named beneficiary. No, but your estate is. If you have any property that you WANTED to go to the children, the courts will sell the property to pay outstanding debts. That is often the reason probate takes so long.
Who is responsible if a rented car is involved in an accident?
The person who rented the car will be responsible for it. When renting a car it is a good idea to either pay the insurance, check to see if your current auto insurance will cover it, or if the credit card you use may have an insurance policy.
In New York are the executors and beneficiaries of an estate responsible for the deceased individual's credit card debts if the executor-beneficiary was not on the credit card account?
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.
If my husband dies and leaves credit card debt and our childrens parent plus loan debt am I responsible for assuming the debt in PA?
not if you have death insurance on the loan and credit cards
