In The US, Do your Debts die with you if you have no assets?
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The rule of thumb is when someone dies, their personal debt does not get passed on to surviving family members. The bank will liquidate the little assets you have, and the unpaid balance will be forgiven, but your terrible credit score will haunt you even in your death, as a reminder that you were aRead more
The rule of thumb is when someone dies, their personal debt does not get passed on to surviving family members. The bank will liquidate the little assets you have, and the unpaid balance will be forgiven, but your terrible credit score will haunt you even in your death, as a reminder that you were a terrible borrower. And shall you resurrect, no bank will want your business.
See lessBut if the bank is satisfied that indeed you have nothing they can lay claim on, no assets whatsoever, then your debts will die with you.