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Laws and regulations regarding debt inheritance differ by country. In most cases, a debt will become part of the inheritance and will either be settled from the inheritance first, or paid by the inheritor(s). There are also countries where significant debts (such as a mortgage) is coupled to a life insurance that pays out and settles the debt when the debtor dies.
What else can I help you with?
Are you responsible for a credit card debt from dead spouse in North Carolina?
In most cases they will be held responsible. The spouse is considered to have benefited from the debt.
You are a minor are you responsible for your deceased fathers debt?
Your father's estate is responsible for his debts. If he owned any assets when he died his estate must be probated. You should speak with an attorney.
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.
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.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
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."
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.
Are children responsible for deceased fathers debt in California?
Not unless they co-signed for the loans or credit cards. The estate is responsible for the debts.
Your mom is dead is her husband still responsible for her debt?
Yes
Are you responsible for a credit card debt from dead spouse in North Carolina?
In most cases they will be held responsible. The spouse is considered to have benefited from the debt.
You are a minor are you responsible for your deceased fathers debt?
Your father's estate is responsible for his debts. If he owned any assets when he died his estate must be probated. You should speak with an attorney.
Are you responsible for the debt if you are a cardholder if your fathers files bankruptcy and he is the primary cardholder and has paid all bills?
An authorized user, which is all you are - he is the actual card holder - is not responsible for the bill.
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
Are you responsible for your dead fathers debt considering I only met him once?
It isn't very likely that you can be connected in any way. In most cases the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
How can you find out if you were on your dead fathers will?
How can i find out if i was on my dead fathers will
Who is responsible for a deceased mother's credit card debt which is in her name only and property has transfer on death on dead avoiding probate?
The estate is responsible to pay outstanding debt before being distributed to the heirs.
Are persons 65 years of age and older responsible for the debt on their credit cards?
Yes they're old not dead.
