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If your uncle died and he has an estate account do you have to pay his credit card debt?
All assets and debts are handled in accordance with state probate laws. All non-exempt assets are used to pay the deceased's debts according to their priority, credit card accounts and other unsecured debts are considered of low priority. The deceased's family members are NOT responsible for paying the debts, the exception is a surviving spouse if the couple resided in a community property state. If there was a will, no property will be distributed to named heirs until debts have been satisfied, if there was not a will the state's intestate laws will apply.
What else can I help you with?
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 someone dies with 10K in credit card debt and has bank account does the credit card company get the money?
Yes, they are a creditor that can make a claim on your estate.
Is the spouse resonsible to pay off credit card debt if their name is not on the card and if there is no estate?
Yes if the account if joint regardless if the actual card did not have their name on it.
How does a credit card account differ from a checking account?
A credit card account comes with a credit card, which can be used to authorize purchases of any value. The checking account does not come with a credit card and is used for issuing checks.
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. == ==
If a credit card holder dies who will be responsible for paying debts on cards?
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.
Can you transfer money to a credit card?
Yes, you can transfer money to a credit card by making a payment from your bank account to the credit card account.
Is an additional credit card holder liable for the whole debt on the credit card account?
ia an additional credit card holder liable for the whole debt of the credit card account
If your wife died with credit card debt in her name only should you send them a copy of her death certificate or wait for them to call?
Not sure what the procedure is for all credit card companies, but as long as you are not in charge of the deceased's estate, and your name is not on the credit card account, then you are not responsible. However, you are supposed to call the credit card company and report their death. Any charges incurred after the date of the deceased's death, you are responsible for -- as an authorized user. If you wish to assume the credit card account, you must send the company a copy of your documents naming you as the 'executor of the estate'. This was the case in my mother's recent departure.
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.....
What is the difference between a checking account and credit card account?
checking from bank fund & credit card prepaid by credit
Who is repsonsible to pay a credit card when the holder dies?
The estate, or any person who was listed on the account. The debt must always be settled.
