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A decedent's debt typically gets paid via their estate — that is, any money or property they left behind. If you die with debt, your estate may first be purged to pay it off.
However, medical debt is usually the first debt to be settled by an estate. If you receive Medicaid after turning 55, your state will likely make a claim on your house to recoup any payments you ...
What to do when you inherit a house with a mortgage. Your choices to handle an inherited home and any associated debt range from selling the home to taking over the mortgage payments yourself ...
But in their case, credit card debt has been a major factor in driving them to declare bankruptcy. Between 1991 and 2007, the number of people ages 65 to 74 seeking bankruptcy rose 178 percent.
“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.”
When someone passes away leaving debts behind, you might be wondering if you have any personal liability to pay them. If you have aging parents, for instance, you may be worried about having to ...