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Can you be held responsible for your deceased fathers debt in California if you are the only heir and your fathers debt exceeds his assets?
If the debt exceeds the assets, the assets must be sold to cover the debt. Heirs are not responsible for any remaining debt. Certified letters along with a certified death certificate should be sent to each debtor that can not be paid in full after the sell of assets. In this case there would be no inheritance.
Who is responsible for a persons debt when they die?
The estate will be responsible. If there are not enough assets to cover the debts, then they will not be paid.
If a 20 something year old dies and has debt under their name is the parent responsible for the debt?
No. The person's estate would be responsible for the debt. The creditor could attach any assets owned by the decedent but if there are no assets the creditor would be out of luck.
Is wife responsible for any debt if the husband cosigned a loan for their son in a divorce?
It's up to the judge and the laws in your state, but probably not. Likely you will be responsible for your exclusive debt, she will be responsible for her exclusive debt, and you will split shared debt and assets.
Are minor heirs responsible for debt after death?
Heirs are not responsible for any debt. The debt is the responsibility of the estate. If there are not adequate assets, the debtors don't get paid and the heirs will not receive anything.
Is sister responsible for deceased brother debt if no will and claims him as tax dependent?
It will depend on whether she was listed in the debt documents. In most cases the estate will be responsible and if there are not enough assets, the debt goes unpaid.
If you're single and living in an apartment with several thousand dollars in credit card debt who is responsible for the debt after you die?
The estate of the single person who had the sole debts is responsible for repayment. Any assets that are not considered exempted under the laws of the state of residency will be used to pay the deceased's debts according to priority and to the extent of the funds available.
Do you inherit debt?
No, you do not inherit debt. Unless you choose to do so. The estate is responsible for ending the debt by either paying it off or showing the court there are no assets.
Can an adult child inherit a parents debt if there are no assets?
The estate will be responsible for the debts. A child is not responsible unless they co-signed for it.
Are you responsible for your deceased parent's credit card debt?
If the estate has any assets, the estate should pay for the debt before anything is passed on to the heirs. If there are no assets the credit card company will just have to write it off. You are not held responsible unless you co-signed for the card.
Who is responsible 3 year old repo debt when debtor dies?
The estate of the debtor is responsible. If there are not enough assets in the estate, it goes unpaid.
Husband dies and leaves debt but no assets who pays?
A married couple is seen as a economic unit, so to speak. So the widow is responsible for the debt.
