Is the family of a person responsible to pay his unsecured personal loans or credit card debts after his death

Answers:6   |   LastUpdateAt:2012-10-10 23:06:03  

Asked at 2012-08-09 05:13:42
Is the family of a person responsible for paying personal unsecured loans or credit card debt after death
Answer1LindsAnswered at 2012-08-09 12:25:02
only if a family member has his name on all loans or credit cards with the deceased.
Answer2 M, -Answered at 2012-08-09 16:52:03
no . companies and the IRS can and will confiscate the property and money to collect the outstanding debt. if you are in possession of that property or money of the deceased and the property or money that can be traced to the deceased, may have to give it up. if you spend it or sell it , you'll pay .
Answer3TrevionAnswered at 2012-08-10 02:00:02
If the person has assets , the state pays the debt until it runs out of money or has paid all , reducing the amount that is left to the family inheritance. However, if the estate is less than the debts, the family has to pay outstanding debts with their own assets. The exception is that guarantors may have to pay a debt that they have signed together, whether or not they are family.
Answer4KoolAnswered at 2012-08-10 17:03:03
If there is a will - businesses can bring an action against the state. It would then be up to the judge. Usually , companies just ordered a death certificate and depending on the amount - no claim against an estate. If any co -signers on any unsecured debt - only they would be responsible and non-beneficiaries of the estate. If no will and the person who died has a property under $ 50K (varies by state) - can not do anything as no goods have been formally filed with the court and usually only require a certificate of death to be sent.
Answer5HarleryAnswered at 2012-08-19 17:53:03
Nope .
Answer6title nounAnswered at 2012-10-10 23:05:19
The short answer is no. However, if a property with the assets , the property will have to pay . The IRS can issue a lien on real property . If not jointly held property, depending on the state , there may be a way for a creditor to try to recover the money . However, I am sure that all collection agents to try to recover. You should consult an attorney before paying any of the debts of the deceased.
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