Will my father’s debt fall to my shoulders when he is gone?

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Will my father’s debt fall to my shoulders when he is gone?

My father owes a lot of people money who invested in his business idea that never came to fruition. He is quite old and completely broke. All assets now lie in the imagined worth of what the business would become. My mother and brother are in no financial state to pay anyone and as a student I am not prepared for this either. Will we be held responsible for this debt?

Asked on December 30, 2011 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under the laws of all states in this country, unless a person signs a written agreement stating that he or she will be responsible for the debts of another person he or she is not responsible for such debt.

In your situation, unless you have signed a written agreement stating that you will be responsible for your father's obligations after he passes, you will not be responsible. Rather, upon his passing, his estate will be responsible for his debts. If there is not enough assets to pay for his debts, then the creditors will take a pro rata share from his assets upon his passing.


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