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Daisy | If i owe 3 millions dollars when im 90 and i pass away, i have no relatives, do they write off my debt right? |
away? what if i have relatives, will my relatives have the burden to pay off my debt or they are not affected at all? thanks
Additional Details
please im serious, my house is 2 millions dollars already, and my credit card debt.......other debt...... |
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caligrl
|
They will come after you in heaven.
But seriously, if you have a mortgage on a house, and will the house to a relative, the relatives would be responsible for paying off the mortgage so usually they would sell the house to pay off that debt then keep the balance. On credit cards, if married the spouse would be responsible since everything is considered community property owed and owned by both. If a loan was on a car, the car would get repossessed unless like the house it was left to someone and then they could sell it to pay off the loan and keep what profit remains. If the loan on the house is more than what the house is worth, then the heirs would say they don't want it otherwise they'd be resposible for paying off all liens against it - taxes and mortgages. The lender would get stuck with the house, sell it to pay off the note and then be out of pocket. If you owed money to the IRS before you died and they put a lien for it on your house, that would also have to get paid through the sales proceeds and take priority over the note getting paid so the heirs would have to pay that off prior to the mortgage getting paid off then keep anything that remianed (after paying an inheritence tax!) |
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Designed
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All your assets would be liquidated including everything in your will that would go to the debt and your family would get whatevers left. Assuming you own more than 3million dollars worth of assets. If not, the rest of the debt would be written off and your family would get nothing. |
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Ryan A
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if you owe a company 3 millon dollars there will be bankrupt before your 90... if you owe bill gates 3 million dollars he might find pity if you own a loan shark 3 million dollars you will pay with your blood. |
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Doctor Deth
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they would sell the house = it must be worth more than the loan balance, so that part would get paid off - your estate would pay off any other debts - everything you owned could be sold to pay off creditors |
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ohiyq2
 |
Depends I think, if it is like your husband or something I am pretty sure it applies.
Like, if you bank account is owned or shared by someone else, I am pretty sure the money still has your name on it, so yeah.
But I mean if your dead with no connections... what are they going to do? |
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D
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Not sure. But don't go offing yourself for such a reason. |
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firesidecountryboy
 |
You always have relatives. |
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WonderingWhy
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If you have no one, then there's no one to go after--- they cant get you in the afterlife.
If you DO have relatives, they dont have to pay out of their pockets, but any inheritance that you might leave them would first be used to pay off your debt (if you had a house, for example, it would be taken for the debt, rather than given to them). |
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kellyfieldson
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They'll find someone to pay...somehow. People are greedy and they want their money! |
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mooshie
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The only person they could come after is a person who signed for the debt with you. Which means your husband, automatically, whether or not he actually signed for the debt, or anybody else (relative or not) who cosigned for a debt. They may TRY to go after relatives, but they really don't have a leg to stand on there in court. Just make sure nobody cosigns any debt, and you're golden. Dead, but golden. |
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Monkeyguts
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you will be dead!!! what do you care?
I say if you die owing 3 million, you got to spend 3 million more than you earned. let your grandkids pay for it. |
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