If your mother had a Will and owned a house or property (even a car) then this is considered an Estate and would have to go into Probate. Probate makes sure all creditors, taxes, etc., are paid before any monies or property is distributed to an heir or heirs.
Yes, you are still liable on the debt. Unless the debt is beyond the statute of limitations (which varies by state) or it is discharged in bankruptcy, you are likely to be liable on the debt. If the debt is forgiven/cancelled (you would then not be liable) then you will likely receive a 1099-C in the mail and it may be taxable income. Consult with a tax professional if that is the situation.
Only in certain instances. If your name on the credit card debt? For instance, is it a joint account? If so, you are liable for it. If not, you are not legally liable for it. Some sneaky collection agencies will try to tell you that you are liable when you are not. This is illegal. Learn your rights against collection agencies by reading up on the FDCPA.
There is a big difference between being responsible for something and being legally liable for it. As far as the credit bureaus are concerned, if the ACCOUNT is yours, it doesn't matter who made the late payments. You, as the account holder, are liable. The information is correctly reported against you.
The son is not personally liable. The estate, of which the son is most likely going to be executor, is responsible for liquidating all debts. If there are not enough assets, the executor provides the court with how they are dividing them across the debtors. With approval, the estate is then liquidated and closed.
Only if you did not authorize it. Then your parents would be charged with credit card fraud.If your parents added you to their account as an authorized user, you are not liable for any balance, whether you charged on the card or not. Authorized users generally did not enter into a legal agreement with the creditor. That agreement only extends to the account holder.However, it is customary and usual for these accounts to show on consumer's credit report. There are numerous lawsuits and class action suits contesting the practice. The bureaus continue to do this because their primary client, the credit card companies, benefit if a frustrated or confused authorized user pays the account.Your situation is different if you were added as a co-borrower to the account. Like the co-signer on a car loan, you would be liable for the full amount of the loan or account.If you dispute any information on this account with the credit bureaus it will be deleted from your credit report. The credit bureau must delete Any account in which you are only an authorized user once information is disputed. I have done this myself accidentally.
Not really, if Person B is just a person who received an additional card with access to that account. Person A is the person's whose credit is on the line for the account. Person B is in no way liable for the account because Person B is not part of the credit card agreement. The bankruptcy will not affect person B. Now the reason I say "not really" is because that account will be closed and Person B will no longer receive the benefit of having this account on their credit report as an authorized user. There may be a slight decrease but only from the general closure of an account.
If you sell goods that have yet to be delivered you would create an account for unearned revenue. Unearned revenue is a liability account because you are still liable to produce those goods so if you are increasing the amount of unearned revenue you would credit the account, however if you are decreasing the unearned revenue, meaning you have supplied the goods to the customer, then you would debit the account.
Maybe. If the "second" person is an actual account holder then he or she is liable for the debt. If the "second" person is an authorized user of the account, he or she is not legally responsible for the debt but that does not mean the creditor will not attempt to collect from the AU. Additionally, married persons living in community property states are generally liable for credit card debt and other debts incurred during the marriage even when only one spouse is the actual account holder.
The best option would be to contact the issuer of the card and ask if you are a joint account holder. If you are not on the account, they will not give you any information. If you are an authorized user/second card holder you are not responsible for the repayment of the account. The exception might be pertainint to laws that governing marital accounts in community property states.
Are you listed on the credit card account as a joint owner? If so, you are legally liable for it. If you are not listed on the account, you are not legally liable for it. Some sneaky collection agencies will try to make pay by telling you that you must pay, so beware. You can learn more about your rights in debt collection by reading up on the FDCPA.
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