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“So if you inherit $100,000, you are, in theory, responsible for up to $100,000 of your parent’s debt. In fact, many creditors walk away without filing claims whatsoever.”
According to the CFPB, there are a few situations where you might be responsible for a deceased person’s debt. They include: Sharing a joint credit card account with the deceased.
Most debt will be settled by your estate after you die. In many cases, the assets in your estate can be taken to pay off outstanding debt. Federal student loans are among the only types of debt to ...
Like all debt, medical debt left behind after your death is paid by your estate. The debt goes to the person handling your estate — called an executor. The executor’s job is to manage the ...
You may be unable to collect the debt if you miss the filing deadline. If in doubt, be sure to contact a lawyer or the probate court where the deceased person lived to learn more about filing a claim.
Here's what you're responsible for and what you aren't after a loved one's death When someone loses a loved one, the last thing they want to think about is if any outstanding debts need to be paid ...
What happens to debt after death varies depending on the type of debt, your relationship to your loved one and your state. In general, a deceased person’s debts will be settled by their estate.
Loans without collateral are often a last priority when it comes to paying off your creditors after you die. But family could be responsible, depending on where you live. Learn more in our guide ...