When a parent dies who is responsible for their credit card balance. Can they go after his estate?
Answer:
The estate is responsible - no one else.
Yes
Usually another person will be responsible, but they could come after the estate///
If there is any money in the estate, all bills or outstanding debts are paid first. Then the family gets what is left. If there is no money in the estate the debts are usually written off.
The estate is responsible for his debts. If the money is not available, assets will have to be sold off until the debt is paid. But it's possible that the credit card company may not put in a claim--one of the first things that will happen when the estate is opened is that a notice to creditors is sent out to all known creditors, and another one is published in the paper in case there are creditors the executor doesn't know about. Not every creditor will file a claim, especially if the estate is very small. If there are more claims against the estate than the value of the estate, the estate may be declared an insolvent estate, and everything will be used to pay off creditors.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: