Debts are one of the primary reasons to open an estate. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
The estate is responsible for the decedent's credit card debt.
The estate pays. If nothing in the estate they do not get paid.
Currently I am dealing with estate issues and credit card debts. I am not a lawyer but after talking to many professionals, it seems to me that if their is no estate and no joint credit card holders then the card company will have to write it off.....
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Generally a person's estate is responsible for the decedent's debts. If there is no estate the creditors are out of luck. They should be notified of the death.
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
It becomes part of the probate procedure of the deceased's estate.
Your mother's estate is responsible for her credit card debt.
The estate is responsible for the debt. They will have to pay it off before closing the estate. They have the ability to try and get the money/goods back from the person that spent it.
The Debt goes to be paid by his estate, if there is no money to pay the debt it just bad luck for the credit card company.
It does not. The debt belongs to the deceased. If the estate cannot settle the account, the credit card company is not going to get paid.
Typically, the estate of the deceased individual is responsible for paying off any outstanding balances on credit cards. If the deceased person has a joint account holder or a cosigner on the credit card, they may also be responsible for the debt. In some cases, credit card companies may write off the debt if there are no assets in the estate to cover the outstanding balance.