sponsored links
If a person dies with unpaid debts, are the debts cleared or does it pass onto the person's family?
Not legal advice: Debts are not passed on to others after death, unless someone else was a joint-creditor or a guarantor. However, first all of the assets of the deceased are accumulated, and then creditors are paid off with those assets in a specific order from most secured (such as a mortgage) to least secured (such as credit card debt) and finally to the Exchequer. No assets are distributed to heirs until all debts are taken care of.
Updated on Monday, February 06 2012 at 11:27AM GMT
Source:
www.thewillexpert.co.uk/...
Collections:
debt,
credit card debt,
surety,
creditors,
exchequer
Related Questions
-
Does personal debt die with a person? Especially if there is no will and the other persons name is not on the debt
-
debt fixets
-
Scotcall debt
-
TCF DEBT
-
Consoladate debt numbers
-
How to keep out of debt?
-
Is it true that if you have a debt with someone of jewish faith,when you die your spouse does not need to pay this debt,if it is unpaid?
-
Is it true that your debts are cleared after 5 years?
-
Number for KPR debt colectors
-
Number for iqor debt