what happens to debt?

Cheesypuff · 05-08-2009, 11:57 AM

So i was thinking (a rare thing i know) about debt...it could be any kind of debt, but i'll use credit card debt as an example. What happens when you die and you have like 10,000 in cc debt? Does the company just eat the cost? Or does it xfer to your family or partner? what happens?!?!

Cubsfan · 05-08-2009, 11:58 AM

I think your estate owes it. So the money first goes to your creditors, then to your beneficiaries. Of course, if you're a penniless hippie then I think the company eats it.

zippyjuan · 05-08-2009, 11:28 PM

Everything I looked up agrees that it is passed on to your estate. How that is handled can vary by state.
http://masteryourcard.com/blog/2008/...t-after-death/

saphy · 05-09-2009, 01:42 AM

Yeah that can be really bad for your loved ones.

I can't see many average people having a lot of savings to ever pay off their debts.

It costs around 10 grand just for the funeral

My husband still owes 45000 child support to some woman who duped him big time .

I hope he pays it off in the next few years before he retires...otherwise I am the one who suffers.

clutchy · 05-09-2009, 01:14 PM

it can eat up anything else you have but it doesn't pass to anyone else.

student loans die w/ you unless you had a cosigner

05-08-2009, 11:57 AM	#1
Cheesypuff Vice Admiral Join Date: Dec 2000 Location: Cali, but missing Hong Kong and Texas Posts: 4,782	what happens to debt? So i was thinking (a rare thing i know) about debt...it could be any kind of debt, but i'll use credit card debt as an example. What happens when you die and you have like 10,000 in cc debt? Does the company just eat the cost? Or does it xfer to your family or partner? what happens?!?! __________________ Life is like toilet paper, long and useful! The stars at night, are big and bright clap 4x deep in the heart of TEXAS!

05-08-2009, 11:28 PM	#3
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,756	Everything I looked up agrees that it is passed on to your estate. How that is handled can vary by state. http://masteryourcard.com/blog/2008/...t-after-death/ __________________ I add new pictures to my photo gallery pretty regularly. You can see them here if you are interested: http://www.pbase.com/jeffryz

05-09-2009, 01:42 AM	#4
saphy Ensign Join Date: May 2009 Posts: 10	Yeah that can be really bad for your loved ones. I can't see many average people having a lot of savings to ever pay off their debts. It costs around 10 grand just for the funeral My husband still owes 45000 child support to some woman who duped him big time . I hope he pays it off in the next few years before he retires...otherwise I am the one who suffers. __________________ Best sites for Ebay Coupons Cashback Rebate and online shopping

05-09-2009, 01:14 PM	#5
clutchy Rear Admiral Lower Half Join Date: Dec 2000 Location: Yucaipa, CA Posts: 2,863	it can eat up anything else you have but it doesn't pass to anyone else. student loans die w/ you unless you had a cosigner __________________ LK was treated unfairly thanks X

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05-08-2009, 11:58 AM	#2
Cubsfan Rear Admiral Lower Half Join Date: Jul 2001 Location: Colorado Posts: 2,743	I think your estate owes it. So the money first goes to your creditors, then to your beneficiaries. Of course, if you're a penniless hippie then I think the company eats it.

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