Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

if i die..who gets stuck with my credit card debt??

im a single mom, and have no assets whatsoever!! i dont drive, therefore i have no car...i rent a basement what happens to it if i die?


Asked by Anonymous at 12:50 PM on Jun. 3, 2010 in Money & Work

This question is closed.
Answers (9)
  • SLW is right. Unless someone else co-signed the loan, or is on the cards with you, then the credit card companies and banks are just SOL.

    HOWEVER- if you do have assets then what you OWN has to stand good for what you OWE before your children, or parents, or anyone else for that matter, can lay claim to your assets. So say you own a house free and clear worth $100,000, but you also have $50,000 in debt. When you die, the house will either have to be sold to help pay off your debs and then the remaining $50,000 will be split between your heirs (depending on your Will) or your children will have to pay off the debt in order to keep the house.

    But debt does not trickle down from generation to generation. If you did now sign for it, you are not liable for it.

    And there are a lot of misinformed women on cafemom.

    Answer by Anonymous at 8:41 PM on Jun. 3, 2010

  • You family will get stuck with it. I'd suggest, especially in the situation you are, you draw up a living will, etc to cover your bases.

    Answer by TheDiva320 at 12:51 PM on Jun. 3, 2010

  • Most likely your credit card debt will be wiped if they get a death certificate. But usually your next of kin. This is how it worked when my brother passed.

    Answer by Tiffany237 at 12:52 PM on Jun. 3, 2010

  • In your case, no one. The creditors will just have to write it off. If you had money in the bank, owned a home and a car, then the 'estate' would have to take care of all debts before any beneficiaries could collect your assets.

    Answer by slw123 at 12:52 PM on Jun. 3, 2010

  • Just to clarify....your children would not be responsible for YOUR debt should you die, if there are no assets. Now that doesn't mean some slimy debt collection company won't try to get them to pay it, but they are not legally responsible for debt that is in your name alone.

    Answer by slw123 at 12:54 PM on Jun. 3, 2010

  • Your beneficiary.

    Answer by lowencope at 12:55 PM on Jun. 3, 2010

  • Next of kin- Depending on the age of your children (18+) or your parents. You can also leave it with someone specifically.

    Answer by ABusyBee at 2:19 PM on Jun. 3, 2010

  • There are a LOT of misinformed women on cafemom. Some of them don't even know the difference between a will and a living will which deals with pulling the plug if you are on life support. What your kids need is for you to have a will that covers guardianship. Don't worry about debt.


    Answer by Anonymous at 9:11 AM on Jun. 4, 2010

  • Creditors WILL hunt down, find and hound all your family to get these things paid off. However, from my understanding this is ILLEGAL for them to do. But collectors are shady and will do whatever they need to do to get their money!

    But keep this in mind also, when you die, someone is going to be responsible for putting you in the ground! A burial isn't one of those things that you have and then pay for later! The money is due up front! This is my suggestion, especially since you are a single mother. GET LIFE INSURANCE! When you die, you will have burial costs, debt, and not to mention someone will possibly be caring for your little one.

    Let me know if you have questions!

    Answer by mama2three717 at 2:33 AM on Jun. 14, 2010