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The estate is responsible for the sole debts of the decedent. If there is no estate then the creditors are out of luck.
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If you inherit your fathers small business when he dies and and you take over the business are you resposible for his credit card debt?
If the credit card is drawn against the business, that is if it is a business account, then yes. If the card is a personal card, then his estate is responsible for payment of any outstanding debt. Since the business is part of his estate, if in probate it is determined that the business owes the debt, then yes, you or rather the business is responsible.
Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?
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.
If you have bad credit and added as authorized user on credit card does the main card holder inheirit your bad credit even tho theres is excellent?
No, because they are not resposible for the debt on the card, their card is simply for the sake of convenience usually so the AU does not feel the need to use your own card. The only way a person's credit rating can be affected is if they are responsible for any kind of debt.
Does a daughter need to pay off a deceased mothers credit card debt?
It depends on the country you are in, but in the UK, the first claim on the estate is the revenue (ie tax), then debtors - which would include the credit card debt. That should be paid out of the estate of the deceased.
Who is responsible for credit card debt when there is no estate?
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.
If a relative dies with credit card debt is the estate resposible to pay back the debt?
Yes
If you inherit your fathers small business when he dies and and you take over the business are you resposible for his credit card debt?
If the credit card is drawn against the business, that is if it is a business account, then yes. If the card is a personal card, then his estate is responsible for payment of any outstanding debt. Since the business is part of his estate, if in probate it is determined that the business owes the debt, then yes, you or rather the business is responsible.
Who is responsible for a deceased person credit card debt in North Carolina?
The estate is responsible for the decedent's credit card debt.
Would my mother's children be liable for any credit card debt she had at the time of her death?
Your mother's estate is responsible for her credit card debt.
In English Law What happens to credit card debt after the death of The card holder?
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.
Estate insolvent cannot pay credit card debt affect on heir's credit history or tier score?
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.
If a person has no estate at the time of death who would be responsible for his credit card debt?
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.....
Who's responsible for credit card debt after the card holder dies?
The estate covers the bill. If the spouse is still alive, he/she will probably have to cover the bill with the proceeds of the estate. If there aren't enough assets to cover the debt, and the credit account was not joint with anyone else, the credit card company will have to pay it out of their own pocket. Credit card companies cannot force the family to pay the debt. == ==
Are you responsible for your dead spouses credit card debt if you own a house together?
Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."
If you have bad credit and added as authorized user on credit card does the main card holder inheirit your bad credit even tho theres is excellent?
No, because they are not resposible for the debt on the card, their card is simply for the sake of convenience usually so the AU does not feel the need to use your own card. The only way a person's credit rating can be affected is if they are responsible for any kind of debt.
Who pays the credit-card debt of a deceased person in Ontario Canada?
The estate pays. If nothing in the estate they do not get paid.
When you die do your children have to pay your credit card off?
The estate is responsible for the debts. Anyone on the credit card would also be liable for the debt.
