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If a surviving spouse inherited the husbands's business, then the debits come with it. That's a general answer, but it has a solid basis in law. A strong suggestion in situations like this is to trade places with the other party. In this case, it's the institution extending the line of credit. Let's switch out and see what happens. You extend a line of credit to someone. They pass on and their spouse takes over the business. It's unfortunate for those parties, but you do not give up your expectation that you will be repaid for extending the line of credit. Why would you? You still have an outstanding collectable account. You are fairly owed the money. Nothing from your point has changed. Neither has it from the institution extending the line of credit to your late spouse's business. State laws vary as regards the transfer of assets, but the general answer remains the same. With the assets come the debits. Take all of the balance sheet (both the black and red ink) or take none. If time will help with working things out, write and ask for it explaining the circumstances. How much better a reason than the one cited for needing an extension to balance the books? Get help if you need it. Ask around among friends or other family for a referral. Some accounting firms do pro bono work, and not just attorneys. The more time that slips by without any action, the more difficult a less-than-ideal situation becomes. Most sincere condolences. And very best of luck sorting things out.
What else can I help you with?
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
Can a surviving spouse use her deceased husbands credit card?
Only if she is also on the account. If not, then absolutely not. You can get yourself in a heap of trouble by using the credit card of a deceased person. You must notify the credit card company of the death and close that account.
In Alabama is a surviving spouse responsible for the credit card debt of their deceased spouse?
Alabama is not a community property state, the surviving spouse is not responsible for creditor debt unless he or she was a joint account holder.
Is a Delaware spouse responsible for her dead husbands credit card bills?
Yes
If your spouse dies and has credit cards in their name only can the surviving spouse negotiate with the creditors to get the amount reduced?
yes they can
In Connecticut is a surviving spouse responsible for paying decease spouse's credit card d?
In Connecticut, a surviving spouse is generally not personally liable for the deceased spouse's credit card debts unless they were a joint account holder. However, the deceased spouse's estate is responsible for settling any outstanding debts, including credit cards, before distributing assets to heirs. If the estate lacks sufficient assets to cover the debts, creditors may not be able to pursue the surviving spouse for payment. It's advisable for the surviving spouse to consult with a probate attorney for guidance specific to their situation.
Would a credit card company reissue a card to a surviving spouse with a low income?
No, a creditor would not issue a card or extend credit on the account of a deceased spouse. The creditor might be willing to issue a card to the surviving spouse based on his or her own financial situation.
Who is responsible for Spouse credit card after death?
The estate of the credit card holder. If the surviving spouse was an approved user, or co-signee they would also be responsible.
Is a surviving spouse in New York responsible for repayment of credit card debt only in name of deceased spouse?
yes.
In Pennsylvania is the surviving spouse responsible for the deceased spouse's medical and credit card debt?
No, the spouse is not responsible. However it does come out there assets left behind.
Does a spouse have to pay a credit card that is only in the deceased spouse's name in Michigan?
In Michigan, generally, a spouse is not personally responsible for credit card debt solely in the deceased spouse's name. However, the estate of the deceased may be liable for the debt if there are sufficient assets. If the surviving spouse was a joint account holder or had co-signed for the credit card, they could be held responsible. It's advisable for the surviving spouse to consult with a legal professional regarding the specific circumstances.
If a husband passed away and leaves credit card debt in his name only is his surviving spouse in any way responsibility for this debt?
In general, a surviving spouse is not personally responsible for a deceased spouse's credit card debt if the debt was solely in the deceased spouse's name. However, laws can vary by state, and in community property states, the surviving spouse may be liable for certain debts incurred during the marriage. It's essential for the surviving spouse to consult with a legal professional to understand their specific obligations and rights regarding the estate and debts.
