To whoever needs to hear this,
Debt cannot be inherited! When someone dies if they’re the only name is on a loans, credit card, mortgage, car loan, etc their debt dies with them. Regardless whatever lies bill collectors try to tell you, because they absolutely will lie.
Debt cannot be inherited! When someone dies if they’re the only name is on a loans, credit card, mortgage, car loan, etc their debt dies with them. Regardless whatever lies bill collectors try to tell you, because they absolutely will lie.
I’m speaking to how debt works in America, I don’t know outside of this country.
Whatever student debt you have will not be the responsibility of your parents, partner or children unless their names are also on the loan, like if your parents got a loan as parents of a student.
Whatever student debt you have will not be the responsibility of your parents, partner or children unless their names are also on the loan, like if your parents got a loan as parents of a student.
If you or your partner have debt you can get married and still not be responsible for each other’s debt after death as long as you don’t put each other’s names on the accounts that have debt.
I know this first hand.
I know this first hand.
You only have to pay the debt of a dead person if you establish an estate in their name. BUT you only need to make an estate if they incoming income or assets that can’t be inherited (like they don’t have children, a spouse or living parents).
Shared property/assets should be protected from creditors. For example, if you and your partner’s names are on the mortgage. If your partner dies the property becomes solely yours. Thus creditors seeking payment for debt in your partner’s name can’t touch it.
If your actively dealing with the loss of a loved one who had a lot of debt and property it might be worth the fee to consult a lawyer. Some do reduce rates for grieving families.
