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This means that a surviving spouse must pay the debts of the deceased spouse using jointly-held property, such as a home. ... Though you may not be at huge risk to pay off a loved one’s bills ...
The Consumer Financial Protection Bureau (CFPB) states that spouses, children and other relatives are usually not on the hook for any outstanding debts of a late loved one. A decedent's debt ...
Spouses: Some states require community property — that is, property shared between spouses — to be put toward debt when a spouse dies. These states include Arizona, California, Idaho ...
A community property state is a state where spouses share all debts and earned assets taken on after marriage — while living in that state. Currently, there are nine community property states ...
Death grave cemetery. ... If the deceased was married, and a spouse was a joint owner of the account or co-signer on the debt, then the spouse is generally liable for that debt.
However, in some cases, other people will share the liability for the deceased person’s debts and may be forced to settle the outstanding amount. Read More: This Is the One Type of Debt That ...
If the credit card debt was incurred after marriage and the deceased spouse was the sole owner of the account, the state you live in determines the surviving spouse’s responsibility.
There may also be financial stress if a spouse leaves behind credit card debt, outstanding loans or other monetary obligations. You may be wondering: Am I responsible for my spouse’s debt after ...