A person's estate is responsible for their debts unless someone else agreed to pay them.
If you were not a joint debtor you are not responsible for repayment of deceased parent(s) debts.
The estate is responsible for paying off any debts. However, in most cases if the debts exceed the value of the estate, the child is not required to pay the difference. This may not keep the collectors from trying.
Yes. The banks and credit cards would like all of us to think we have to pay back loans and debts of our parents or spouses, but that is not true. We don't have to pay them.
The debts of the parents are paid by the parent's estate, not their children.
They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!They do not have the money to pay back their debts!
see The Coogan Act-1939
The estate of the parent has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended. However, a mortgage runs with the land. If it is not paid, the lender will take possession by foreclosure.
Children are not responsible for their parents debts unless the co-signed for them. One of the primary reasons someone should open an estate is to resolve debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
The debts of the decedent must be paid by the estate. In fact, the debts must be paid before any assets can be distributed to the heirs.
The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
No way! Why would your parents have to pay your bills? There is no law that says they have to take over your bills in case of death. No such law exists. Why would you think so? No way! Why would you think so? There is no law that says your parents have to pay the debts of their kids in the event of death. No such law exists.