The Yahoo Finance article discusses whether a person is responsible for their deceased spouse’s credit card debt. Generally, you are not personally responsible for your spouse’s individual credit card debt after their death unless you were a joint account holder or a co-signer on the account. Credit card debt is considered unsecured debt and is the responsibility of the deceased person’s estate.
When someone dies, their assets are used to pay off their debts, including credit card balances. This process is handled through probate. If the estate has sufficient assets, the debts will be paid. However, if the estate doesn’t have enough assets to cover all the debts, the credit card companies may not be able to recover the full amount owed.
Community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) have different rules. In these states, debts incurred during the marriage are generally considered the responsibility of both spouses. This means the surviving spouse may be liable for the debt, even if they weren’t a joint account holder.
The article also emphasizes the importance of understanding your state’s laws and seeking legal advice if you are unsure about your responsibilities. It advises checking if you were a co-signer or joint account holder, reviewing state laws regarding community property, and assessing the assets of the deceased’s estate. It also notes that collection agencies may try to pressure surviving spouses into paying, even if they’re not legally obligated.
find the original article here: https://finance.yahoo.com/personal-finance/credit-cards/article/am-i-responsible-for-my-spouses-credit-card-debt-when-they-die-211343701.html