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Answer credit cardfrom past experience with my mother in law, you are responsible for the credit card balance

The surviving joint account holder would be responsible for the entire amount owed.

Credit Card DebtUnfortunantly you will be responsible for all of it.
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Q: Is the joint owner on a credit card responsible for the debts?
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Is a business owner responsible for the previous owners debts?

If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.


Is a new business owner responsible for the original owner owner's debt?

Not normally, unless the new owner has also 'bought' the previous owner's debts. However, if we are dealing with share ownership, the shareholder become the 'owner'. Shareholders are not responsible for the debts of the companies they have bought share in.


Will the owners credit be impacted is an authorized user is added?

The owner and/or joint owner are solely responsible for the credit card. This includes everything from making payments, dealing with fraud, being reported to the credit bureaus, etc. If an authorized user abuses his/her credit spending, the responsibility still lies in the hands of the owner of the credit card.


When a business owner dies who is responsible for the debt?

If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.


Do your debts die with you?

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.


How does legal separation or divorce affect your credit?

Normally, it doesn't. But what does happen in these cases is sometimes there are debts that are disputed as to who is responsible to pay them and as a result neither party pays. If it is a joint account, both credit histories will be negatively affected. If you are not sure get a copy of your credit report before the divorce agreement is drawn up. It will show who is the party responsible or whether the account is in both names. Be certain to get this straightened out before you sign the final divorce papers. Itemize the accounts and the owner of each. Remove the second name from any and all accounts. Then you might have somewhat of a chance of getting the other person's account off of your credit report. If possible, close all existing joint accounts and open your own.


Can you be responsible for your deceased father's business debt?

Not unless you were a part owner or in some way connected with the deceased person's business or personal debts.


If we transfer the house to a different person after the death of the owner what happens to the credit card debt of the decedent?

You can't transfer the house until the debts are resolved. The house may have to be sold to pay the credit cards.


If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?

If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.


When a person dies owing the IRS a lot of money are their children responsible for the debt?

The estate is responsible for he debts of the decedent. If the decedent was the sole owner of any assets at the time of death those assets must be used to pay the debts before any property can be distributed to the heirs. If there are no assets the creditors are out of luck.


How will it affect a co-owner's credit rating if a previous owner who declared bankruptcy is put back on the deed?

Deeds and title's to real property have no bearing on credit scores. It might be wise to consider the possibility of placing the property at risk if the joint owner should incur financial difficulties in the future.


3 people have right of survivorship and one quitclaimed their interest to a new party Is this new co-owner responsible for that persons part of the mortgage?

If the joint owner who conveyed her interest was paying a third of the mortgage then her grantee would also be responsible for paying that share. The grantee in the quitclaim deed is a tenant in common with the other two joint tenants.