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Who is responsible for your parent's credit card debts if they are in an assisted living facility and there is no money to pay the debts?
Wiki User
∙ 17y ago
The credit card holder is responsible for the debt. If it is the parent, they are the ones that should pay it. If it is you, you should pay it. If there is no money, you may have to declare bankruptcy. The account holder is responsible for the debt. Social Security and most private pensions are exempt from creditor attachment. It may be that they are "judgment proof" meaning that he or she (they) do not have assets or property that can be attached by a judgment creditor. The best option is for the person to consult with an attorney who is qualified in debtor-creditor or elder law before they consider any other action especially bankruptcy.
Wiki User
∙ 17y ago
Generally, children are not responsible for their parent's credit card debts unless they are joint account holders or cosigners. If the parent is unable to pay their debts due to being in an assisted living facility with no funds, the credit card company may have to write off the debt as uncollectible. It's advisable to consult with a legal professional to understand the specific laws and implications in your region.
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Who is responsible for grandmother's credit card debt?
The responsibility for your grandmother's credit card debt typically falls on her estate after she passes away. If there are insufficient funds in the estate to cover the debt, the creditors may not be able to collect. It's advised to consult with a legal professional to understand the specific implications in this situation.
What happens to credit card debt for someone in a nursing home?
If a person is in a nursing home and unable to make payments on their credit card debt, the debt typically remains their responsibility. The credit card company may work with the individual, their family, or their power of attorney to establish a repayment plan or negotiate a settlement. In some cases, if the individual has no assets, the debt may be written off by the credit card company.
What are three benefits to being financially responsible?
Greater financial security and stability, allowing for peace of mind during unexpected events. Reduced stress and anxiety associated with money management and future financial goals. Improved credit scores and access to better loan terms, creating opportunities for investments and wealth accumulation.
Can credit card companies sue you if your 65 years old or older?
Yes, credit card companies can sue individuals of any age for unpaid debts. Age does not exempt someone from legal action for failing to pay their credit card bills.
Will a credit card company consider an elderly borrower's advanced age when deciding whether to sue over credit card debt?
Credit card companies typically consider various factors when deciding to sue for credit card debt, such as the amount owed and the borrower's ability to repay. While age may not be a determining factor on its own, the borrower's overall financial situation and assets may influence the company's decision. It's important for elderly borrowers facing difficulty with credit card debt to seek financial advice and explore options for managing their debt.
Is child responsible for parents credit card debt after death?
I think that would be paid out of the estate and not by the child.
You want a credit but im only seventeen and you dont have a bank account?
your not 18, you can enter into a legally binding contract which is what a credit card entails because your a minor plus your parents are suppsoed to be financially responsible for you till your 18 and that means that they would be responsible for any bill you rack up on a credit card and credit companies don't really go for that, so the credit card is a no go. you can become an authorized user on your parents credit card but then you have to abide by the credit companies and your parents rules sorry kid :( -I'm 18, i looked into this when i was 17 too
Are children responsible for using parents's credit card after they die?
No. Because stepparents can take children to the court center and tell the judge what do they have to use parents's credit card after they die.
Whose responsible for credit cards hostipal ambulance bills of a parents who was disable and died .?
The estate of the person that is dead.
Are parents legally responsible for child's credit card debt?
If the parents are the primary card holders and let the child use the card, yes. If the child is a minor, yes. If the parents are a co-signer for the account, yes. If the child is over 18 and the credit card is their own, no.
What does to complete a credit facility means?
What does to complete a credit facility means?" Answer: Credit facility means a facility for an individual or a group to fulfill his house hold, individual, basic, business requirements. Banks & DFIs are currently providing this facility to individual or group, where banks or DFIs provide credit on monthly basis repayment procedure inluding interest & service charges. This facility helps individual or group to fulfill them urgent requirements in a short time of period.
Can you pay someone you know with a credit card?
If they have a credit card facility yes
What is cash credit?
it ithe credit facility for working capital requirement and the interst is payable on the usge. it ithe credit facility for working capital requirement and the interst is payable on the usge. In cash credit facility you can take out money of fixed amount even you have no cash in your account and you have to pay in within a time limit.
Are the adult children responsible for credit card debt after parents die?
No. The credit card companies will try to get you to pay off your parents bills but you don't have it. It is all volunteer. I was glad to learn this since my mother is 81.
Is getting a credit card young a good idea?
in my opinion it is a good idea because it can prove to parents if the kids are trust worthy and responsible
Will my credit be affected by my deceased parents' home being in foreclosure since I am an heir?
No. You never agreed to pay the debt, therefore cannot be held responsible.
Are parents responsible for debts their 17-year-old has accrued after they moved out of their parents' home in the state of Michigan?
If this debt is from a loan or credit card they obtained while under age 18 the lending institution is at fault for granting the credit. If the debt is owed by a parent then you still owe it.
