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What happens to people's debt when they die?

Question: What happens to people's debt when they die?

(Posted by: Doctorv21 on 2009-07-03 10:51:17)

Does it get put on their other family members?


Answers:

Posted by: rtfm on 2009-07-03, 10:55:46

No, but it does get paid from their estate. If they have any bank accounts or own any property, the proceeds from those must legally go to pay any of their legitimate debt. Family members are NEVER responsible for paying the debts of the deceased, but some unscrupulous creditors will try to bluff or threaten them into paying. The only time a family member has to pay the deceased person's debt is if they happened to be a co-signer or joint owner of the debt in question.

  

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