For confirmation of this, I asked Los Angeles attorney Christopher Missick, author of the consumer bankruptcy book "Begin Again," to comment on your situation. "Of course, it varies based upon what state you live in," says Missick, "but generally, there is no legal obligation to assume the debt of a deceased loved one, if in fact, you were never a party to that debt. The only recourse the creditor may have is to seek payment from the estate. As the executor of the estate, there will be a responsibility to settle the debts of the estate and distribute the assets accordingly. A violation of the fiduciary duty as executor may lead to other legal issues, but generally, she shouldn't worry about inheriting credit debt."
Wednesday, June 10, 2009
I want to thank CreditCards.com and Erica Sandberg for the quote in today's article: