Question about death and debt

What happens?

say you own money to credit cards, does the debt get written off? or does it have to get picked up by someone, say children or other half?

[jamesterror]

Would usually come out of your assets.

and if you have none?

Your estate would be liable but if you have none the the debt dies with you.

[Stu]

Originally Posted by bris

Your estate would be liable but if you have none the the debt dies with you.

Yes
you always have an Estate, but if you mean if your assets are insufficient to meet your debts, then yes you are right. (unless debt is jointly held with someone still living
http://www.thewillexpert.co.uk/DebtAfterDeath.html

costs a feckin fortune to die

Originally Posted by Stu

Yes
you always have an Estate, but if you mean if your assets are insufficient to meet your debts, then yes you are right. (unless debt is jointly held with someone still living
http://www.thewillexpert.co.uk/DebtAfterDeath.html

thanks.

I had a read of that and from my understanding...

if you have no estate (ie rented house and no savings) apart from the minimal contents of your house, then once that has been sold, any remaining debt that is in your name alone will get written off?

Brb, Canoe...

[jamesterror]

Originally Posted by pencil shavings

thanks.

I had a read of that and from my understanding...

if you have no estate (ie rented house and no savings) apart from the minimal contents of your house, then once that has been sold, any remaining debt that is in your name alone will get written off?

In a simple answer, yes. Bearing in mind they are not partnered.

Unless they have a partner by marriage, or live with a sibling in the same house hold and share equal rights (there is a similar precedent case for this I think with inheritance of property, possessions and debt).

Originally Posted by Jamiebridges123

Brb, Canoe...

LOL!!!