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Who is responsible for your parent's credit card debts if they are in an assisted living facility and there is no money to pay the debts?
The credit card holder is responsible for the debt. If it is the parent, they are the ones that should pay it. If it is you, you should pay it. If there is no money, you may have to declare bankruptcy. The account holder is responsible for the debt. Social Security and most private pensions are exempt from creditor attachment. It may be that they are "judgment proof" meaning that he or she (they) do not have assets or property that can be attached by a judgment creditor. The best option is for the person to consult with an attorney who is qualified in debtor-creditor or elder law before they consider any other action especially bankruptcy.
What else can I help you with?
Who is responsible for grandmother's credit card debt?
The responsibility for your grandmother's credit card debt typically falls on her estate after she passes away. If there are insufficient funds in the estate to cover the debt, the creditors may not be able to collect. It's advised to consult with a legal professional to understand the specific implications in this situation.
What happens to credit card debt for someone in a nursing home?
Being in a care facility does not make someone immune to creditor/collector actions. Although people in such a situation generally do not have assets that a could be subjected to creditor attachment. It would be advisable to review the person's financial status to determine if they are "judgment proof" under the laws of their state of residency. If there is a POA (that is not limited) in place, they should take on the responsibility of notifying creditors if they find it to be in the best interest of the person they represent. The person with the POA might want to consider obtaining legal advice before taking any actions.
What are three benefits to being financially responsible?
Greater financial security and stability, allowing for peace of mind during unexpected events. Reduced stress and anxiety associated with money management and future financial goals. Improved credit scores and access to better loan terms, creating opportunities for investments and wealth accumulation.
Can credit card companies sue you if your 65 years old or older?
No. They cannot sue you just because you are 65 years old or older. Yes - They can sue you, if you owe them money
Will a credit card company consider an elderly borrower's advanced age when deciding whether to sue over credit card debt?
No. The only issue the creditor is interested in is if the debtor has assets which can be seized for the debt owed. Creditor's really do not care if a person is elderly, ill, disabled, and so forth, they simply want their money. All debtor's are allowed to protect specific types and amounts of property according to the exisiting laws of their state of residency from creditor attachment and/or seizure.
How can parents or guardians effectively build a child's credit?
Parents or guardians can help build a child's credit by adding them as an authorized user on their credit card, teaching them responsible financial habits, and encouraging them to start building credit early by opening a secured credit card or student credit card.
Is child responsible for parents credit card debt after death?
I think that would be paid out of the estate and not by the child.
You want a credit but im only seventeen and you dont have a bank account?
your not 18, you can enter into a legally binding contract which is what a credit card entails because your a minor plus your parents are suppsoed to be financially responsible for you till your 18 and that means that they would be responsible for any bill you rack up on a credit card and credit companies don't really go for that, so the credit card is a no go. you can become an authorized user on your parents credit card but then you have to abide by the credit companies and your parents rules sorry kid :( -I'm 18, i looked into this when i was 17 too
Are children responsible for using parents's credit card after they die?
No. Because stepparents can take children to the court center and tell the judge what do they have to use parents's credit card after they die.
Whose responsible for credit cards hostipal ambulance bills of a parents who was disable and died .?
The estate of the person that is dead.
Are parents legally responsible for child's credit card debt?
If the parents are the primary card holders and let the child use the card, yes. If the child is a minor, yes. If the parents are a co-signer for the account, yes. If the child is over 18 and the credit card is their own, no.
What does to complete a credit facility means?
What does to complete a credit facility means?" Answer: Credit facility means a facility for an individual or a group to fulfill his house hold, individual, basic, business requirements. Banks & DFIs are currently providing this facility to individual or group, where banks or DFIs provide credit on monthly basis repayment procedure inluding interest & service charges. This facility helps individual or group to fulfill them urgent requirements in a short time of period.
Can you pay someone you know with a credit card?
If they have a credit card facility yes
What is cash credit?
it ithe credit facility for working capital requirement and the interst is payable on the usge. it ithe credit facility for working capital requirement and the interst is payable on the usge. In cash credit facility you can take out money of fixed amount even you have no cash in your account and you have to pay in within a time limit.
How can parents effectively manage their children's use of credit cards?
Parents can effectively manage their children's use of credit cards by setting clear rules and limits, monitoring their spending regularly, teaching them about responsible financial habits, and discussing the consequences of overspending.
Are the adult children responsible for credit card debt after parents die?
No. The credit card companies will try to get you to pay off your parents bills but you don't have it. It is all volunteer. I was glad to learn this since my mother is 81.
Is getting a credit card young a good idea?
in my opinion it is a good idea because it can prove to parents if the kids are trust worthy and responsible
