Who is responsible for your credit card debt after your death?

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Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small estates. The decedent's debts must be paid before there can be any distribution to the heirs. If the assets of the estate are not sufficient to pay those debts the estate is declared to be insolvent. There is no liability for personal debts if the estate cannot pay. The lender can repossess property in the case of any secured debt such as one for the purchase of an automobile. Of course, in the case of a mortgage, the lender can foreclose and take possession of the property.

Creditors have a statutory period in which to file a claim against the estate. State laws vary. You need to check the laws of your state to determine if any special provisions may apply. In community property states, credit accounts opened in one name during a marriage may automatically become joint accounts. The situation changes in the case of JOINT account holders. If you are a joint account holder or co-signer with the decedent then you will be held responsible for full payment of the outstanding balance.

Note that many creditors will try to get payment from heirs. Check with an attorney before making any payments toward any debt of a decedent. If there is no estate, most creditors will close the account upon the receipt of a death certificate. Once a death certificate is received by the creditor along with a letter explaining that there is no estate, creditors usually forgive the debt, close the account and write it off. In the case of a persistent creditor, an estate may need to be filed even if there is no estate in order to satisfy the creditor that the debtor has died and there is no estate.
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Is the primary card holder responsible for credit card debt?

%DETAILS%. Answer . There are a few factors that determine who is responsible. First of all, the names on the cards/accounts, if both spouses are named on the account,more than likely they can be each be held responsible. If they reside in a community property state, almost all debt is considere ( Full Answer )

If are paying off your parent's credit card debt since his death is the credit card company responsible for taking off all finance charges back to the time of death?

Answer . Why is the debt being paid? Was the deceased the only account holder? These things are very important, because ONLY the account holder is responsible for credit card debt. There are a few exceptions, but generally even they can be voided via the appeals process. Therefore, the interest c ( Full Answer )

Is another person responsible for credit card debt after death if there is life insurance involved?

Answer . \nIf the issue is life insurance on the card holder, that is irrelevant, as that would belong to the beneficiary named on the policy. If it is life insurance that was purchased to pay off the account in case of the death of the account holder then it should pay as prescribed, after prope ( Full Answer )

Are you responsible for your dad's credit card debt after his death when the account was in his name only but you were making the payments?

Answer . You should consult and attorney for a legal answer. However, my experience would tell you that if you did not sign the contract, you are not responsible.\n. \n . \n No, paying a debt or a portion of a debt for another person does not legally obligate the person to assume the debt or ( Full Answer )

Is a surviving spouse responsible for a deceased spouse's credit card debt if the deceased had no assets except a death benefit from life insurance?

Answer . \nThe surviving spouse is only responsible for credit card debt if the account were joint or the married couple lived in a community property state; (Texas and Wisconsin treat marital debt differently than other CP states).\n. \nDeath benefits from life insurance with a named beneficia ( Full Answer )

If you were an additional card holder on your father's credit card are you responsible for the debt after his death?

Answer . I believe only if you signed on the dotted line, most times the owner of the card has it in their name, and they send out those things to add someone to use your account, i believe if the bill is in your fathers name, you are not liable.\n. \nIf someone dies i don't believe any family ( Full Answer )

Who is responsible for credit card debt after death?

The banks would like you to think that the person's family is responsible, but this is not true. The person who made the debt and who has no other person on the account is responsible. This means that a husband or children of the person who died does NOT inherit the debt unless it is a joint account ( Full Answer )

Am I responsible for Joint credit card debt?

Answer . Yes. If a couple, or two people jointly opened a CC account, then they are both liable to repay the debt. If one fails, even if subsequently divorced, the other is still liable to pay.

Who is responsible for credit card debt when divorcing?

The assignment of debt is one of the issues that is addressed in the dissolution of marriage petition. If the parties cannot reach an agreement, the judge will decide which debts or the amount owed on a debt should be attributed to each person.

Who is responsible for credit card debt?

Generally, the person that signed up for the credit card is responsible. If any users were added to the account, they are also responsible. This include joint accounts. You cannot inherit credit card debt. So, do not believe a collection agency when they tell you that. See the FDCPA for your rights ( Full Answer )

Who is responsible for a dependent's credit card debt?

The dependent's estate is required to resolve all debts. If there are co-signers on the credit card, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.

Am I responsible for credit card debt or tax debt on death of spouse?

The estate of the spouse is responsible. IF both are on the same checking account then the FULL amount of that checking account can be considered the spouses estate too. Even if the account is closed just prior or just after death, then the amount in the account months prior is still considered a po ( Full Answer )

Are you responsible for your spouses credit card after her death?

If you were not on the card agreement and were never added to the account, you are not directly liable. HOWEVER, the decedants estate or your assets as under community property might be at risk should the creditor seek court action. A creditor may sue to obtain a judgment against the estate, which I ( Full Answer )

Death of a spouse credit card debt?

My husband has several credit cards in full swing...He pays on them...To whom the are for I don't know or what has been charged on them.... In no way can I pay for these after his death....what can I do....

Are you responsible for your spouse's credit card debt after his death in the state of California?

In community property states a married couple are considered to own all property equally and be responsible for all debts equally that are accrued during the marriage regardless of which spouse is named as the debtor. This however, is not a "done deal" as the surviving spouse may have some recours ( Full Answer )

Will credit card debts write off the debt after your death?

They will not do so immediately. They will attempt to collect from the estate. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ( Full Answer )

Am i responsible for the debt on credit card after card holder's death i made most of the purchases with his approval we were not married and he had the card before we met?

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 r ( Full Answer )

Who is responsible for business credit card debt?

The business is, provided the charges were for business related or permitted personal purchases. Most businesses, however, have policies for personal purchases on company plastic, and procedures for paying back the company. If personal charges are not permitted, then the card holder will be required ( Full Answer )

Who is responsible for credit card debt after death in Nebraska?

As in all states, Nebraska requires the estate to be responsible for all the debts of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid.