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If you have a promissory note with someone and they die are you still responsible to pay the debt?
Wiki User
∙ 15y ago
No. Without both signatures, the promissory note is not legal. As the other party is deceased, there is no way to collect that signature to make the note valid.
Wiki User
∙ 9y ago
Wiki User
∙ 16y agoYes, you still have to pay the other person, which now the $ goes to his or her estate. If you dont pay it, the estate can sue you on the note.
Wiki User
∙ 15y agoIf i have a promissory note with someone and they die am i still responsible to pay the debt that is owed to that person.
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If you are a co-signer and the other person dies are you still responsible for the 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.
Who is responsible for debt if a bank cancels a credit card?
The person who carried the card is still responsible for the debt.
Your mom is dead is her husband still responsible for her debt?
Yes
What tax problems will you have if you forgive a promissory note?
If you forgive a promissory note you can write it off us income tax as a bad debt.
In TN are spouses responsible for each others debt?
You are never legally responsible for any debt unless you specifically sign for that debt. If someone is trying to get you to pay a debt that you do not believe is yours, tell them to produce a copy of the document you signed.
Who is responsible for credit card debt after someone passes away?
No one. The family is not responsible for the debt. Credit cards want people to think they are, but it is volunteer to pay/assume the debt of the person who passed away.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
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.
How can you get out of a promissory note?
If you are the debtor you must pay the debt and have the lender sign a release.
His medical debt obtained while still married. Who is responsible after the divorce?
both...construed as conyugal debt..may be negotiated..
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
Are you responsible for a debt your husband incured from co signing someone?
Yes, you can be held responsible for it. The spouse is considered to have benefited from the agreement.
If you have a lien on your home and you lose your home do you still have to pay?
Yes. The lien is simply a method by which a debt is secured. If the lien is on the house and the house is lost, the only thing the creditor loses is the security for the debt. The debt remains payable. If a person buys a house and borrows $100,000 to help pay for it, that person signs a promissory note to establish the debt and signs a mortgage to establish the bank's lien on the house as security for the debt. If the house burns down and there is no fire insurance, the bank has lost the security for the debt but it has not lost the debt. The mortgage (security) is useless because there is no house, but the promissory note (debt) remains in effect.
