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My friend left her house to me in her will am i responsible for her credit card debts?
No, but if the house was the only thing she owned at death the creditors might be able to get at it and give you the option of paying to credit cards instead of selling the house to pay the deceased person's debts. ADDED: I disagree with the initial answer. It would be EXTREMELY unusual for a credit card creditor to have a claim against the real estate of the deceased. If, after passing through probate you are granted possession of the home, you will possess it without encumbrance.
What else can I help you with?
If both parents dies and wills the adult child the house and land what bills are you responsible for Is the adult child responsible for medical credit cards etc. bills?
The child is not responsible. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How might one still buy a house with bad credit?
By taking time to pay your debts and improve your credit rating you can make yourself eligible for a good credit rating resulting in mortgage approval. Paying your debts in full will prove you are serious when applying to buy a house
Does wife have to sell house to pay husbands debts on his credit cards?
In most cases, a wife is not personally responsible for her husband's credit card debts unless she is a co-signer or the debt was incurred jointly. Generally, individual debts remain with the person who incurred them. However, if the couple lives in a community property state, debts incurred during the marriage may affect shared assets, including the house. It's advisable to consult a legal expert for guidance based on specific circumstances and local laws.
Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?
A cosigner is only responsible for the items that he has cosigned for.
When you marry will your credit and your spouse's credit be combined and will you be responsible for your spouse's collections?
No.Debts acquired before marriage remain the responsibility of the person who made them.However, if you live in a community property state all debts of a married coples are joint debts.In other words, if you buy a car, house, take out a loan, get a credit card,etc., your husband will also be responsible for the debt.
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.
Who is responsible in VA for paying bills such as electric and credit cards of a deceased grandmother if she owned property an house but there is no will only one family member that wants the property?
The executor of the estate is responsible for insuring that the value of the estate is maintained. This is the purpose for setting up an estate. If there are no assets other then the house, it may have to be sold to pay her debts.
Are the children responsible for the debts of a parent that has passed away?
Typically the estate is responsible for paying the debts, including the medical bills of the deceased. If a child has co-signed any paperwork regarding medical procedures, they may be held liable. If they hope to inherit a house, they may have to pay the bills to avoid the house being sold to pay the debts.
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."
Mother passed leaving land and house to three children one is the executor are you responsible for credit card debt in Florida?
The estate is responsible for the credit card debt. The assets of the estate cannot be distributed before the debts of the estate are paid. The executor is bound by law to give notice of the death to creditors. You should seek the advice from the attorney who is handling the estate.
My mom passed away 2 years ago and left a life estate 2 her house. She had 2-3 small credit card debts that I have personally made mthy payments. I am on ssd now and cant pay anymore.what do i do?
If you are the responsible party for the house you can take out an equity loan
Are the surviving adult children responsible for paying off the debts of the deceased - including a mortgage - when there is no estate?
If the decedent owned real estate then there is an estate. The estate is responsible for paying debts before any property can be distributed to the heirs. If the assets are not sufficient to pay the debts then the estate is insolvent. There is a statutory order by which debts must be paid in that case.If the children want to keep the house then they must pay off the mortgage. If not then the bank will take possession of the property by foreclosure. The children are not personally responsible for any debts unless they co-signed or agreed to be responsible.
