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In Minnesota is an adult child responsible for their mother's debts when she dies?
No, not unless you are a joint debtor/account holder.
Who is responsible for credit card bills after someone dies?
When someone dies and leaves a debt for which there is no co-debtor, the decedent's assets may be used to pay the debts. In many states, a proceeding called a "probate" is the avenue whereby the assets of the decedent are collected and either liquidated to pay debts, or if the debts have been paid, distributed to heirs.
Is the co-debtor of a vehicle responsible for the loan that was included in a chapter 13 after the primary borrower dies?
I believe there is a statute of limitations that says the creditor can continue to attempt collection for seven to ten years depending on what state you are in. * The SOL for debts is established by state law, therefore it will differ according to the state and to the type of debt. Secured debts are not discharged in any bankruptcy. A chapter 13 is not a liquidation BK therefore the vehicle would have to be reaffirmed with the lender or the lender could begin procedure for repossession or recovery of the debt owed. In this case the cosigner/co-debtor becomes responsible for the debt and rest assured he or she will be contacted by the lender either concerning repossession of the vehicle and if necessary a lawsuit to recover monies owed.
If a spouse dies what is the surviving spouses responsibility on a truck loan if it is not in her name?
Two choices - lender enters into posession to recover their debts or debts get cleared through probate via sale of the asset and/or cash from the estate. No liability on the spouse unless he/she is jointly liable as part of the original agreement.
Who is responsible for your mother's debts if she dies without a will in Texas?
The estate is responsible for the decedent's debts.
What happens to a promissory note when the debtor dies?
When a debtor who has issued a promissory note dies, the note typically becomes part of their estate. The estate is responsible for settling any outstanding debts, including the promissory note, before distributing assets to heirs. The creditor may seek repayment from the estate, and if the estate lacks sufficient assets, the debt may go unpaid. The terms of the note and local laws can influence the specific process and outcomes.
When a parent dies and there is no will and the mortgage is more than the house is worth who would be responsible for the mortgage?
The mortgage is the responsibility of the estate If the estate assets do not cover the debts, they distribute as best they can. If the court approves the distribution, the debts are ended.Another PerspectiveIn a title theory state if the mortgage isn't paid the lender will take the property by foreclosure.
When senior dies are siblings responsible for any outstanding debts?
Siblings are not typically responsible for debts unless they signed for them. The estate has to settle the debts.
Who is responsible for debts when a parent dies in Mississippi?
The estate is responsible for the debts. Until they are resolved, nothing can be distributed.
Who is responsible 3 year old repo debt when debtor dies?
The estate of the debtor is responsible. If there are not enough assets in the estate, it goes unpaid.
How do you find the amount on a mortgage after someone dies?
Call the lender
What happens to a promissory note when the person it is endorsed to dies?
Let me get this straight, the borrower and lender enter into an agreement and sign a promisory note to secure it. The lender dies, and the debt has not been fully repaid. Easy, the borrower still owes the estate of the deceased lender.
