spot
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If they had any estate, the creditor can collect the debt. If not, they have to write it off. |
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Doc H
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Girl360 is correct. Life insurance cannot be claimed by creditors under any circumstances for any reason, unless specifically listed on the policy. If you're parents had an estate with assets, then they can go after their share of that, however, unless you're on the credit cards with them, then you will not be held responsible for any outstanding debt owed. |
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paul w
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only if your parent had money when (s)he died and you adminisered the estate. then you should use the money to pay the credit card debt, as well as any other debts before you take any of the money for yourself.
if your parent had life insurance and you are a beneficiary, you don't have to pay the debt with the life insurance money.
unless you were jointly liable for the credit card debt, your parent's death won't affect your credit rating.
if you can afford it, you may want to pay off your parent's debt so they don't die owing money, but that's not a legal obligation and it's only a moral obligation if you feel it.
good luck! |
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RicardoMontebam
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Not unless you were named on the account. |
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Amanda
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No. Their credit debts die with them. The credit companies just write them off. |
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ChCh01
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If they have enough of an estate to require probate the credit card company can collect through probate. You are not responsible if you are not on the account. You CAN NOT and WILL NOT inherit their "bad" credit (if any)! If you receive any bills, write DECEASED on the UNOPENED envelope and put back in the mail. If you are not receiving their mail the post office will send it back to the company marked "deceased". |
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skybabetn67
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You are NOT responsible for your parents debt. You can check to see if they carried coverage on their cards for such things as death. If you parent had a spouse who was joint on the account then they may be responsible. It could be taken from the estate. Just not directly from you. Now if you ran up the debt or if you are on the account it may be another story. Did you ask the CC co? You could check w/ a local attorney just to be certain. |
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Good♥Gyrl
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Nope. Individuals are not responsible for someone's debts when they die - EVEN SPOUSES, unless the debt was joint debt incurred in BOTH names. The creditors will first try to collect from the estate, but if there is no money, the creditors write it off. Creditors can't even touch the benefieciary's life insurance. |
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thylawyer
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Not unless you cosigned or had a card on the account. If there was no probate of the parent's estate, there is not much the creditors can do, although if they believe there was money in the estate to pay them, they could try to open a probate.
If there were no assets, like real estate, with a lot of equity or value, they will go away after the limit passes for the estate, which depends on your state law. |
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teachingazteca
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Only if you were an account holder with them. If you were not, then no. |
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12252
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Um I don’t think so. But I would look into that. If your parents have a lot of debt they might have the first rights to your parents property so if there are any family air looms or things like that that you don’t want to see auction off I would try to get them in your name now. |
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Simmy
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I assume if their life insurance and income source at the time of death can't cover it, Then I assume so. |
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asmul8ed
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That is up to you...technically you inherit it all, however thier assets should make up the difference. if there is any debt left after assets the credit people pretty much have to eat it. Of course credit cards are unsecured debt which means that if you were the type of person, you could just ignore them for like 7 years and it will all go away (credit cards that is, any secured debt, the asset which the instrument was secured to will have to be liquidated and, any retaining value is left to you). But that is just my two cents. |
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Amy!
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Yes! Hopefully you will get enough inheritance to cover it though. |
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cutie pie
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I think in most cases, yes you have to. Kinda blows...I know I don't want to make my kids deal with that. |
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Great Gifts 4 Everyone
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No not unless your name was on the account as a card holder |
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tigertiggerii
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Ultimately, the answer is yes. This is why it is important to have Life Insurance as the debtors will come after you, especially if there is any type of an estate. |
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mbrcatz
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No, you can't inherit debt. However, their estate would be responsible for their debt - so the executor of their estate would have to pay the debt back, out of their assets. |
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