What happens to debts when a person dies?
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isidora
Apprentice
Joined: 05 Feb 2004
Posts: 11
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 Posted: 11/21/07 - 09:09 Post subject: |
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| Hi. As a person who is trying to cope with heavy debts for several years now, something crossed my mind. If I would die and leave all those debts hebind, what would happen to them? I have several grown children. They would not by any chance have to pay them off, right? I think not. I am actually assuming that the debts just dissapear when a person dies. But I would like to get this confirmed. Would you do that for me? |
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neville
Apprentice
Joined: 17 Mar 2004
Posts: 3
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| Posted: 12/21/07 - 02:18 Post subject: |
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| The debts are paid out of the deceased person's estate. If there is not enough to pay the debts of, the estate is responsible for paying off any of them in a certain, set order before any of the people named in the will get anything. You can find out from the government how these debts would be paid off in in which kind of order. I hope that this is sufficient information. If not, do feel free to ask more. |
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