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In many cases, as long as the individual that has passed was the only person on the debt, then they are the only person that was responsible. If a spouse or additional person was listed on a debt as a joint owner, than the creditor can attempt to collect on the debt from the living even though the other joint borrower has passed away.
What else can I help you with?
Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?
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.
Does your credit card debt die with you?
No, it does not really die with the individual, but it could. The estate is responsible for settling any debts of the deceased. If the assets of the estate aren't enough to cover them, the debt will be discharged.
How do you prepare an adjusting journal entry to record bad debts expense?
Bad debts DR Allowance for doubtful debt CR Some accounting practioners may use provison for doubtful debts instead of allowance for doubtful debts. Example of bad debts, suppose a customer was unable to pay their debts totalling $150. This will be the journal entry for the transaction: Bad debts 150 Allowance for doubtful debts 150
Why is it NOT recommended that consumers acquire debts?
Debts must be repaid with interest.
What happened to farmers debts during the 1920s?
the debts were erased because of the dsl tarrifs
Do debts die with you in UK?
Your estate is responsible for paying your debts.
Do you have to pay the debts of your parents if they die?
The estate of a decedent is responsible for the debts. The debts must be paid before any assets are distributed to the heirs.
If you die without any estate do your debts die with you?
Generally, yes. If the decedent left no assets their creditors are out of luck.
Are children resposible for their parents debts after they die?
They are not directly responsible. The estate is responsible to settle all the debts. Until these have been paid, the children are not entitled to receive anything.
Is my brother responsible for my medical bills when I die if I have no spouse or children?
== == NO. When you die, your debts die with you, unless you have money in a bank account, or other funds that are in your name. A claim may be made by a debtor ( some one who you owe money to ) thru the courts. Your family is not legally responsible for your debts, UNLESS they signed to do so.
Will the debt of the parents have to be paid by the children when they die?
The debts of the parents are paid by the parent's estate, not their children.
If you die before your debt is paid does your estate pay it?
Yes. Your estate is responsible for your debts after your death.
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.
Who is responsible for deceased brothers debts?
When someone dies leaving debts they must be paid first out of the deceased estate and any monies owed to him collected before the remainder of the estate is divided between the heirs and beneficiaries. If there is not enough money in the estate to settle the debts then they "die" with the person.
Who is responsible for a person that die their bills in the state of Georgia whom does not have a spouse?
The executor of the estate has to resolve all debts. The State of Georgia will appoint one if a family member doesn't wish to serve. There is no personal liability for the debts. If there are not enough assets to pay off the debts, they are not paid.
What happens to your school loans when you die?
Generally, when you die your estate (assets, property, money) pays your debts first and what's left goes to your heirs.Your heirs don't inherit your debts but they don't get what's left of your estate till the debts are paid.If there is nothing left after the debts are paid, they get nothing, or if there is not enough to pay the debts then the balance of the debts die with you.If you have significant assests you might want to consult a qualified estate planner.
Is your estate responsible for your credit card debt after your death?
Answer: Your estate is responsible for all of your debts when you die. The assets don't always cover the debts but any creditor can file a claim against the estate for money you owed them.
