Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.
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.
Illinois is not a community property state, therefore a spouse who is not a joint account holder is not responsible for the credit card debt of the other spouse.
Only if the married couple reside in a community property state or the spouse is a joint account holder. An "authorized user" is not considered an account holder and is not legally responsible for debt incurred on a credit card account.
If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.
The person(s) named as the account holder. If the account was held jointly then the surviving account holder is responsible for the debt. If the decedent was the sole account holder the debt becomes a part of his or her estate and is handled according to probate laws.
Not if you are responsible for all of the loans or credit card payments on your credit report. But, if the second card holder is responsible for any payments on your cards, and doesn't make them, then it can cause your score to lower.
If you are a joint account holder you can still use the card. The creditor should be notified of the death of the other account holder. They may simply remove the person from the account or require you to open a new account in your name. However, if you are the joint holder you are responsible for the entire amount owed on the account.
If you have a card with your name on it usually you are considered a joint account holder and are responsible for the debt incurred on that account. If a consumer is listed as an authorized user (they do not have a card with their name) he or she is not responsible for the debt.
No, authorized users are not responsible for debt incurred on such an account.
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
A joint account holder cannot be removed from the account, the account will have to be closed.
No, authorized users are not responsible for an account. Only the actual account holder is responsible for all debt that is incurred.
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).
ia an additional credit card holder liable for the whole debt of the credit card account
If the surviving spouse was not an account holder then he or she is not responsible for repayment of the debt. FYI, authorized users are likewise not legally responsible for credit card debt as it is assumed the AU has no control over how the account is handled.
No. Only the account holder is responsible for repayment of debt incurred on a credit card. An authorized user is not responsible for repayment, but in this case if the now deceased AU continued to use the account after the death of her mother (the account holder), the AU's estate might be responsible for any charges made under such circumstances. In any event, the surviving spouse is NOT responsible to repay the CC debt.
An authorized user on a credit card can be responsible on an account in which the primary card holder passes. The creditor looks at the situation as the authorized card holder was able to make purchases with the account, and should be held liable, even in the event of the primary's death.
If you were only an authorized user and not a joint account holder, you should never be responsible for the primary account holder's debt.
A person on whose name the bank account is opened is called the bank account holder. He is the one responsible for maintaining the account.
There's a difference between an authorized user and a joint account holder. If you were simply an authorized user, meaning that the other person is soley responsible for the account and you only have a card in your name, then the delinquency shouldn't be showing up on your credit at all. You aren't the holder of the account. If this is the case, you need to immediately file a dispute claim with the agenicies reporting the delinquency; they, then, must investigate and tell you the outcome of the investigation. If, however, you are a joint holder, meaning your name is listed as someone financially responsible for the account, then the only way to correct the credit score is to pay the account and be patient.
The person who is the account holder is responsible for the debt unless it can be proven the debt was fraudulently incurred.
Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.
Business Credit Cards makes bookkeeping tasks a lot easier to handle because of the updated report of account monthly and annually receives by the account holder. All spendings are included in the account report thus, it can be easily track the transactions.
The estate of the deceased. Also anyone that was listed as a co-signer or joint account holder.
Account holder deceased