Does Credit Card Debt Die With You?

For just about anything you want to get off your chest about credit cards.
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Does Credit Card Debt Die With You?

Postby orion101 » Mon Dec 20, 2010 3:44 am

Does credit card debt die with you or will it go on after death? Sadly my grandpa probably won't make it another year and he's disabled with his parkinsons. My mother brought up the idea of letting him live it up a little and get a new HD TV and stuff to make these last few months be a bit more bearable before he dies. Problem is he's on social security and doesn't have any money really. If he got into credit card debt to pay for this will the debt go away after he dies?

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Postby Pete838 » Mon Dec 20, 2010 7:16 am

The debt is transferred to his estate. His estate pays all of his debts before paying bequests (inheritances). If he has no assets (house, car, cash, retirement accounts, etc.) then the debt dies, unless it is joint debt with a spouse, then the spouse is responsible. All final decisions are made by the probate court judge when the estate is probated.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan

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