Debt Responsibility

Your estate pays your debts after you die. If there is not enough, tought luck for the creditors. The only way for the debt to be passed along is if there is some contractual obligation on the part of another person. Such things would be co-signing for a loan, joined owned credit cards, joint owned loans (such as a house), etc.

State law usually requires a will to be probated, regardless of debt or other issues, soon after death.

In most states, a creditor of a deceased person may file for probate of the estate if no one else does. This is usually done only if there is a substantial asset as a matter of public record (usually real estate or an expensive motor vehicle).

depends if live in a community property state--check with your state laws/call atty generals office

The assets of her estate (whatever they are and however much there is) will be sold in an estate sale to satisfy her obligations. Any remaining assets will be awarded to her children/survivors. If there are insufficient assets to satisfy the obligations of the estate, the creditors will divide whatever there is and be required to take a loss on the rest.

Not that I know of, but try this. Send them money, anything that you can afford, even if its only five dollars a month. If they refuse payment, they nullify the bill. Just make sure you try to pay something on the bill per month. Even if you owe 50 thousand dollars, as long as you pay something, they cant send it to collections.

There is no such thing as unexempt assets. They are called non-exempt assets, and they are assets that must be given up.

If the couple resided in a community property state at the time of the account holder's death the surviving spouse is responsible for repayment of the debt owed. If the couple did not reside in a CP state the debt will be included in probate procedure and handled according to the state's laws of distribution of an estate.

The letter can be quite simple. For example:

Harold Smith

231 Strong Street

Northampton, MA 10160

July 8, 2009

Capital Two Credit Card Services

20001 Fifth Avenue

New York, NY, 01237

RE: James Smith, 19 Pleasant Street, Northampton, MA 01060

Account No. 1221 3465 8112 1211

The purpose of this correspondence is to inform you of the death of James Smith on July 1, 2009. See Death Certificate attached.

Tennessee is not a community property state, if the surviving spouse was not a joint debtor he or she is not responsible for debt incurred by the decedent. The exeption would be, if there is a home that is encumbered by a mortgage and/or loan the surviving spouse will have to continue the agreement whether he or she was named on the lending contract in order to retain possession of the property.

If the person left a Will then Probating the Will will pay all debts the person has left behind and what is left in the Estate (is called 'residue) and this is what is left for the Heirs in the Will. If the person dies without a Will whatever they have is sold and debts paid off, but it's not up to next of kin (unless their name is on the credit card application) to pay the debt. Example: If a husband passes away and the husband and wife's name is on the Credit Card (it usually is) then the wife is responsible for the Credit Card debt.

None of the debts are the responsibility of the heirs. The debts are the responsibility of the estate. The executor must settle all, or as many as possible based on the assets of the estate, before they can distribute any of the the estate to the heirs.

The estate has to pay all of the debts off if at all possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.

The estate of the deceased. The estate of the deceased is responsible for all debt incurred by the deceased. After all debt has been resolved, any remaining resources are available to the beneficiaries.

Unless you are on the bill the company is not entitled to payment from you. The estate of your husband should handle this. If there are no monies in the estate you dont pay them for something you didnt take on.

The banks would like you to think that the person's family is responsible, but this is not true. The person who made the debt and who has no other person on the account is responsible. This means that a husband or children of the person who died does NOT inherit the debt unless it is a joint account. Your name has to be on the account to have them collect the debt. Otherwise you don't owe what the person left.

However, the decedent's estate is responsible for paying their debts. If the decedent owned any assets at the time of death, their debts must be paid before any property can be distributed to the heirs.

Yes. Perhaps it helps to consider the estate of a deceased person is essentially the legal way to keep him alive until his affairs are settled. Once all that is done, the resolution of the estate is really ending his legal requirements (and I guess he can rest in peace).

Your estate, which consists of all of your property as well as any life insurance. If anything is left over from your estate, it is typically distributed among those you assign in your will, or your heirs, if any.

The creditor can try to collect from the ex-spouse regardless of the terms of the divorce decree. Whether or not the court will allow such action depends upon the state in which the couple resided at the time of their marriage.

There is an estate! If you haven't opened one, you should. The estate is responsible for the debts. Consult an attorney for the area that you live in for specifics.

when opening an estate there are a few steps to follow:

-if not already done , organize and prepare an alfadavit of execussion

-you will need an application grant

-proof of death

-fee's

-if securcity is required, bond documents.

1.the first thing is to advertise the death in the royal gazette , this is a law magazine which lawyers and bankers use.

2. send notices to interseted people, people names in will , satatutory interersts , those their.

3. determine and gather assets , figure out what they own and there assets.

4. open an estate bank account- locate all money in all bank accounts and open one bank account which will hold all the estates money.

5. secure real estate- make sure it is in trustworthy hands, and it is secure.

6. secure physical assets according to need.

hope this helps..karissa

The estate covers the bill. If the spouse is still alive, he/she will probably have to cover the bill with the proceeds of the estate.

If there aren't enough assets to cover the debt, and the credit account was not joint with anyone else, the credit card company will have to pay it out of their own pocket.

Credit card companies cannot force the family to pay the debt.

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It would be distributed according to the state's probate laws.

No. In order to settle an estate, the court has to validate it. It can be done fairly quickly, and fairly cheaply, depending on the assets. A family member with a bit of reading can do most of the work in a matter of hours and then one has to wait the legally proscribed times for debts to come forward.

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.

The estate is responsible for the debts of the deceased. If there are no assets in the estate, the debtors are not going to be able to collect. This can be challenging. If the deceased owned a house, the house would be sold to pay the debts. Cars, bonds, stocksand other personal property could also be sold to come up with the money.