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if I die, will my family be responcible for my debt?

Im going in for surgery in August and its got me thinking. I owe credit card debt, and just bought a new car. The car is in my name, and I am not married. I am 23 and have a baby.
My question is, if I die, will my family (parents, boyfriend, child) be responcible to pay off my debt?

I assume my car would be taken. But I wonder if they will have to pay off my credit cards.

 
stenhouse_baby

Asked by stenhouse_baby at 10:43 PM on Jul. 30, 2010 in Money & Work

Level 15 (2,255 Credits)
This question is closed.
Answers (12)
  • No one else is responsible for the debt except for you- unless the co-signed for it. But like others have said, your assets will have to stand good for those debts before your heirs would see any of that money. In other words what you OWN has to stand good for what you OWE. If you don't have enough assets say you have $500 in assets and you owe $10,000. Then everyone you owe would get 50 cents on the dollar.

    It's also important to note that they can come after joint assets as well. So joint savings, or checking accounts. Cars that have both you and your husband on the title. It might vary from state to state- but I think most states split joint assets right down the middle. So $10,000 in a joint savings- half is yours half is his. So half would go to your debt, and he could keep his half.

    Slightly off topic, but I would strongly suggest writing up a will if you haven't already.
    Good luck with the surgery!
    Erica_Smerica

    Answer by Erica_Smerica at 12:39 AM on Jul. 31, 2010

  • You need a will, a medical power of attorney, and a guardian set up for your child, in case of your death. Keep in mind, that legally, your parents can prevent your boyfriend from being in the hospital. Please see a lawyer immediately
    rkoloms

    Answer by rkoloms at 7:52 AM on Jul. 31, 2010

  • i duno but that is why even tho i am only 26 i have life insurance.....i want everything to be taken care of....and have plenty of money left for my kids...
    sweetestkitten

    Answer by sweetestkitten at 10:47 PM on Jul. 30, 2010

  • they will take the debt out of your assets. if you don't have enough assets to cover the debt idk what will happen. it might depend on what the company will accept
    princessbeth79

    Answer by princessbeth79 at 10:48 PM on Jul. 30, 2010

  • well your BF will not be responsible for anything, I know that much
    DomoniqueWS

    Answer by DomoniqueWS at 10:49 PM on Jul. 30, 2010

  • Husband who's name is shared on bills (such as a credit card or mortgage in BOTH names) YES
    anything that is only in your name NO

    been dealing with this and my mom/dead stepdad for a few years now.

    BUT any assets in your name must be sold and the $ go towards your bills. at least that's what mom had to do. Sell his car to pay towards a credit card bill.
    DarkFaery131

    Answer by DarkFaery131 at 10:49 PM on Jul. 30, 2010

  • No, they will not be responsible for your debt. They would have to prove you died and then the companies would write off the debts.
    tyfry7496

    Answer by tyfry7496 at 10:54 PM on Jul. 30, 2010

  • not unless they co-signed
    admckenzie

    Answer by admckenzie at 11:07 PM on Jul. 30, 2010

  • good think , best health wishes and think positive :)
    tayseansmom7505

    Answer by tayseansmom7505 at 11:09 PM on Jul. 30, 2010

  • it's not a matter of whether or not they are responsible (they are not) BUT it's a matter of them wanting their money, and they will hound anyone that knows you to get it! You would be amazed at who they will find that knows you. Serious question, why do you not have life insurance? If you're interested you can msg me, I am an agent. I don't know if you're in one of the states I am licensed in, but if not, I will refer you to an independent agent that can help you.
    mama2three717

    Answer by mama2three717 at 9:10 PM on Jul. 31, 2010

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