What is the new jersey law on credit cards debts if a person dies?

That is it, the debt is relieved.

What is the new jersey law on credit cards debts if a person dies?

His estate is responsble for the debt. No one else unless they are signed on as a user.

What is the new jersey law on credit cards debts if a person dies?

The person%26#039;s estate is responsible for the debt. If the person is married, the spouse is still responsible. However, children or parents are not responsible. But a large debt, can prevent an inheritance for the heirs.

What is the new jersey law on credit cards debts if a person dies?

I believe it%26#039;s like anywhere else: it becomes a lien on the deceased assets. Once you die, the things you own are basically %26quot;netted%26quot; against what you owe. The remainder - well actually all - go into the estate. The estate or executor/executrix must determine which bills are legitimate and then must pay the bills.

If there are insufficient assets to pay all of the bills, the priority of those bills is important. Holders of secured debt, like a home loan, can foreclose and sell the home at auction (or by listing the home for sale with a Realtor).

Unsecured debt is well down the totum pole from secured debt like home mortgages, but still must be paid if there are assets to pay it with.

In essence, credit card debt doesn%26#039;t go away UNLESS there aren%26#039;t enough assets to pay it. Then it does.

Bill Martin, Realtor/Broker/MBA - Accredited Buyer%26#039;s Representative

704 906-1902

What is the new jersey law on credit cards debts if a person dies?

It depends on a lot of things. Was there a will? was the person married? did they have assets?

Whenever someone dies and leaves debts behind, a designated person (called an executor or administrator) handles the estate. If the deceased person did not have a will and was married, then, in many states the spouse automatically assumes responsibility (but not always) for the estate and, becomes responsible for paying off the debts on his or her own.

If the deceased person did not have a will and did not have a living spouse, then usually a close relative (son, daughter, mother, father, or a grandparent) is appointed as the executor of the estate according to state law. If there are no relatives, the state appoints an executor.

Even when an estate is worthless, the executor must still notify all creditors of the death. Debts from a worthless estate are generally charged off and no future collection actions are taken. However, as stated earlier, in some states a living spouse can still be held responsible for paying off the debts of their deceased spouse.

What is the new jersey law on credit cards debts if a person dies?

To ask a question specifically about the law, you need to ask a lawyer, not a yahoo.

My guess: The estate is responsible for paying its debts. If there%26#039;s more debts than estate, then the entire inheritance goes to the credit card companies, but the remainder of the debts are cancelled.