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Post by 123Diva on Jan 30, 2008 14:44:25 GMT -5
Does anyone know what happens to your parents' debt after they die? Do credit card companies automatically delete the debt...even debt over 20K? If the 'estate' cannot pay the debt off, who becomes responsible for it? Anyone ever worry about or discuss current and future finances with their aging parents?
I know it's an uncomfortable topic on so many levels, but I am interested in hearing your thoughts and or personal experiences.
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Post by paindahustla on Jan 30, 2008 14:45:43 GMT -5
When you die, and there are no assets in the estate, the debts die with you. As long as no one else held those credit cards, the debt cannot be passed on. But if there are assets in the estate (if your parents owned a home, furniture, clothing, car, etc.), the credit card companies can petition the court to have these items sold to pay back the debt.
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Post by GorgeousNgreen on Jan 30, 2008 14:47:29 GMT -5
yeah i head that they just close that account .....
i may be wrong though
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Post by 123Diva on Jan 30, 2008 14:48:55 GMT -5
yeah i head that they just close that account ..... i may be wrong though That's what I thought, but I also thought I read somewhere that it's not the case for single debts over a certain amount. |
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Post by paindahustla on Jan 30, 2008 14:49:02 GMT -5
yeah...she HEAD it...
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Post by 123Diva on Jan 30, 2008 14:49:34 GMT -5
When you die, and there are no assets in the estate, the debts die with you. As long as no one else held those credit cards, the debt cannot be passed on. But if there are assets in the estate (if your parents owned a home, furniture, clothing, car, etc.), the credit card companies can petition the court to have these items sold to pay back the debt. Got it. |
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Post by GorgeousNgreen on Jan 30, 2008 14:50:21 GMT -5
shut up!! PAIN!!
HEARD!! i meant heard!! ERRRRRRRRRRRRRRRRRRRRRRD!
and pain did you ever get you some stocks??!! the time to get them is NOW, all the stocks have dipped very low!!!
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Post by 123Diva on Jan 30, 2008 14:50:25 GMT -5
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Post by 123Diva on Jan 30, 2008 14:51:25 GMT -5
What about other bills - those outside of credit cards?
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Post by GorgeousNgreen on Jan 30, 2008 14:53:14 GMT -5
lol......thanks!!
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Post by paindahustla on Jan 30, 2008 14:53:41 GMT -5
other bills like what?
and GNG...I didn't get any stock...I can't read that damn section of the paper.
I was told to buy the cheap stock cuz it will generate more money than the expensive stock.
I am about to just invest my money into marijuana smuggling since I am down here in Texas...its much more financially beneficial.
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Post by GorgeousNgreen on Jan 30, 2008 14:53:54 GMT -5
I would think that they would have to cancel that...let me google some stuff
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Post by GorgeousNgreen on Jan 30, 2008 14:57:52 GMT -5
@ Pain!! lol
well some of the stock i bought when it was high is cheap....
i am trying to tell yall...look into CHINA - they are JUST now trying to catch up in the technology sector, they are so far behind...
Baidu is China's google......that may be expensive but at one point it was up to 400$ a share....
I also have Sina which is China's advertising portal - its really low now and affordable..
but ultimately its whatever you feel...foreign stock or US stock.....and it depends on how soon u want to generate money
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Post by paindahustla on Jan 30, 2008 15:01:45 GMT -5
weed
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Post by GorgeousNgreen on Jan 30, 2008 15:03:08 GMT -5
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Post by 123Diva on Jan 30, 2008 15:29:17 GMT -5
Thanks GNG, I will read when I have a chance.
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Post by MochaD on Jan 30, 2008 22:20:34 GMT -5
When my grandma died and the collections started calling we told them that she was deceased. They requested a death certificate, we sent a copy and that was that. She didn't own anything, had a lil' cash stashed away, but my mother had access to her accounts. But as my mother always told me, you can't get blood from a turnip.
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Post by Puzzler on Jan 31, 2008 9:32:15 GMT -5
Normally you can ask for a death disclosure from the company to find out how they work that out. Now granted if you ask for one, and someone ends up dead you are a prime suspect. LOL!
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Post by BKupInHere on Jan 31, 2008 16:01:23 GMT -5
my 85 year old aunt "operates" that way with credit. Ya'll wouldnt believe how many credit cards she has-American Express,Discover,Capital One...this is a woman who emigrated from Trinidad and never held a job higher that nurse's aide (and that was mostly "off the books"
My aunt's attitude is that her debts will die with her so its ok...in the meantime she borrows from Peter to pay Paul for some of those bills-including pawning jewelry!
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Post by MochaD on Jan 31, 2008 16:03:36 GMT -5
^^She got the right idea. I ain't mad at her. Not one lil' bit...
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Post by BKupInHere on Jan 31, 2008 16:14:16 GMT -5
<--paid off my Mom's student loan from the 70's in 1997 (so YES,that ish follows you around),so Mom died "free & clear" in 2001
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