What happens when someone is in debt and they die? If there is a will but little or nothing of monetary value to inherit, do the inheritants “inherit” the credit card and loan debts? What if the person dies intestate?
Is debt inherited?
Posted on Wednesday, August 29, 2007
posted by Questions @ 12:29 pm
1 Expert Comment:
At August 30, 2007 |
2:54 pm
, Barton Goth, GCO, Bankruptcy Trustees Said...
If someone dies and there is money that is owing, the first thing that any assets of the estate are used for is to pay down that debt.
If there are not sufficient assets to cover the debt the remaining shortfall is not normally something that can be inherited, but to confirm this you would be best to contact a lawyer who deals with these types of issues on a regular basis.
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