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.
Your mother's estate is responsible for her credit card debt.
AnswerNo, you need to send a copy of the death certificate to the credit card company. You are not responsible for your father's debt.
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).
Actually, the answer is the credit card holder is responsible for the debt if single, otherwise the spouse may be responsible for a partners debts. If it was made while they were married, otherwise, the bank can't collect the debt.
The estate is responsible for the decedent's credit card debt.
I live in California, and my grandmother passed away and I contacted the credit card companies, told them she died, sent a death certificate, and they took care of the debt.
You are because you incurred the debt.
The person who carried the card is still responsible for the debt.
not if you have death insurance on the loan and credit cards
Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."
I think that would be paid out of the estate and not by the child.
If the card is in his name, only, there may be an out. You will need to get legal help.
Whoever owns the credit card
The actual account holder is the person who is responsible for the debt. If a married couple reside in a community property state, they are usually equally responsible for debts, including credit card accounts.
Answer credit cardfrom past experience with my mother in law, you are responsible for the credit card balance The surviving joint account holder would be responsible for the entire amount owed.Credit Card DebtUnfortunantly you will be responsible for all of it.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
The estate is responsible for the credit card 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, they may not get paid.
NO, not if my name was not on that card
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.
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 in debt collection.