If you die and have no valuable property, who is responsible for any debts that you have?

Get Legal Help Today

 Secured with SHA-256 Encryption

If you die and have no valuable property, who is responsible for any debts that you have?

Asked on December 22, 2012 under Estate Planning, New Jersey

Answers:

John Ducey / Law Offices of John G. Ducey,PC

Answered 8 years ago | Contributor

The Estate must pay.  If there is no money in the Estate then the debts are cancelled.  Be aware that creditors will come looking so do not try and hide money or assets.  Also if there ar co-signors etc they would still be responsible.

 

 

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Your estate would be responsible to pay your debts after your death. If the estate has no assets, then the debts are extinguished as a matter of law. In other words, your creditors simply don't get paid and must write of any amounts owed to them. Niether heirs nor beneficiaries are responsible for paying debts that remain.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption