Do I have to pay my dead fathers debt?
When a person dies, his or her estate is responsible for settling debts. The children are not responsible for the debts, unless a child co-signed a loan or credit card agreement. In that case, the child would be responsible for that loan or credit card debt, but nothing else.
Who is responsible for a deceased father’s credit card debt?
Whether your deceased father used his credit cards sparingly or left behind a huge debt, you are no doubt wondering if you’re responsible for the payment. That is going to depend on whether he left assets behind and whose names were on the account.
What to do with a deceased parent’s credit card?
What to Do with Your Deceased Parents’ Debts. The first thing you should do with your deceased parent’s credit card accounts and loans is call the individual creditors. Inform each of them about your parent’s passing. This will close the account and inform the creditor that paying this debt will be handled in probate.
Who is liable for a credit card debt after death?
Cosigners Are Still Liable on Outstanding Credit Card Debts. If you cosigned or were otherwise jointly liable with the decedent on a credit card, you are still on the hook for that debt. The death of your cosigner does not eliminate your obligation to pay the debt.
Can a person be personally responsible for paying a deceased person?
As a general rule, no one else is obligated to pay the debt of a person who has died. Here are some exceptions to that general rule: • If you are a co-signer on a loan, then as co-signer you owe the debt.
Whether your deceased father used his credit cards sparingly or left behind a huge debt, you are no doubt wondering if you’re responsible for the payment. That is going to depend on whether he left assets behind and whose names were on the account.
What to Do with Your Deceased Parents’ Debts. The first thing you should do with your deceased parent’s credit card accounts and loans is call the individual creditors. Inform each of them about your parent’s passing. This will close the account and inform the creditor that paying this debt will be handled in probate.
As a general rule, no one else is obligated to pay the debt of a person who has died. Here are some exceptions to that general rule: • If you are a co-signer on a loan, then as co-signer you owe the debt.
Cosigners Are Still Liable on Outstanding Credit Card Debts. If you cosigned or were otherwise jointly liable with the decedent on a credit card, you are still on the hook for that debt. The death of your cosigner does not eliminate your obligation to pay the debt.