Re: transfer of debt

Posted by CardReport.Com Webmaster on October 17, 2000 at 00:46:34:

In Reply to: transfer of debt posted by Anthony on October 17, 2000 at 00:45:34:

Unless the child, sibling, or other family member was a co-signer
or co-applicant, then no, they are *not* personally accountable
for the deceased person's debts.

If the deceased person resided in a "community property" state,
then his/her spouse might be considered liable for debts incurred
during the marriage.

If someone had significant assets, then the executor of the will
is responsible for notifying creditors and paying them from the
estate (creditors have priority over family members for that.)

Creditors and collectors may be somewhat frustrated by the death
of the debtor, and may see an opportunity to pressure vulnerable
family members into agreeing to pay the debts. Don't even discus
it with them - just refer them to the executor (if there is one),
or make it clear that there are no remaining assets (if that is
the case.) Always deal with collectors *in writing*, not over the
phone.

Good Luck.

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