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You might think its dumb, but I need to know the answer

My father has a lot of debt. He is not good at managing money at all. I highly doubt he will be able to pay it off before he passes. When he passes, what happens to that debt? He is unmarried. Do my siblings and I have to pay off his debts?

 
Anonymous

Asked by Anonymous at 3:31 PM on Mar. 30, 2009 in Money & Work

This question is closed.
Answers (4)
  • You are not responsible for any of his unpaid debts. BUT anything of value that he does own - life insurance policies, home, etc - may be taken and used to pay them off.
    kaycee14

    Answer by kaycee14 at 3:34 PM on Mar. 30, 2009

  • Does he own a home or have any assets?
    gramsmom

    Answer by gramsmom at 3:31 PM on Mar. 30, 2009

  • He owns a home, does not have any assets *that I know of.* He has had to file for bankruptcy (several years ago).
    Anonymous

    Answer by Anonymous at 3:34 PM on Mar. 30, 2009

  • His bills get paid off from his estate how ever much money that is. In his bank accounts, things he owns. If he has a will that will give more information. I doubt you would loose any thing of your own unless he's got money hidden away and you refuse to use that to pay it off if that's the only way to pay. You can't do any thing about it now. The courts with or with a will will dictate what to do.
    Anonymous

    Answer by Anonymous at 3:34 PM on Mar. 30, 2009

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