Credit Card Debt Responsibility

of a Deceased Spouse

As long as you don't live in a community property State and the debt was incurred after you were married or your name is not on the accounts as a joint user yes you can.

2009-04-24 12:29:58 by Sylvia

Your Gay Best Friend talks to you about how to use a credit card with fiscal responsibility www.queercents.com

The estate must pay any outstanding bills before anything left is distributed to the heirs. Insurance payouts and certain portions of the estate may be excluded. Best to check out the laws of the state in which the person died to be sure.

2007-05-25 12:38:29 by Virgilio

credit card debts collection in a different country is whose responsibility ? Banks/ card companies like visa?

Because you could have credit which are not much for individual banks, but since the credit companies are only 4 ( master/visa/discover/amex) it could aggregate as big money for them.

The debts are owed to the bank which lent the money. Visa for example is a way of handling money.

The debt collector or solicitor will be appointed by the bank.

2009-02-15 17:57:07 by raj07

I have A LOT of credit card debt from opening a business and having to sell it in one year because of family responsibilities. Saw a bankruptcy attorney, but the options don't seem to work for me as there's no way I could ever pay off these debts.
I know it's very immoral, but what will actually happen if I just stop paying on them? I know I'll be inendated with phone calls and lose my good credit standing, but can they attach my bank account or any other asset?

I am a paralegal for a bankruptcy attorney who specializes in Chapter 7 and Chapter 13. The first thing you need to ask yourself is--can you live if these creditors get garnishments against you? A creditor can get up to 25% of your paycheck. If the debt is small enough to where it can be paid off rather quickly through the garnishment, then it may not be so detrimental. However, if you are living paycheck to paycheck, it may not be the best situation for you to be in. The other issue is that a judgment, if certified, can attach to your assets, particularly any property you own. If you should want to refinance or even sell your home, those judgments will have to be satisfied and they can often screw up any financing that you have acquired.
Bankruptcy is not as negative as everyone thinks it is. It can stay on your credit report for up to 7 to 10 years. It depends on the credit reporting agenxt. Experian typically reports for 10; transunion and equifax are typically 7 years. However, there have been a multitude of studies recently that show that after you get out of bankruptcy, your credit rebuilds faster than if you were to attempt to do it on your own.
A Chapter 7 bankruptcy usually lasts from 4 to 5 months. And for most individuals, depending on your income level and the exemption laws of the state you live in, you may be paying a miniscule percentage of what you owe. Think -- you pay $1500.00 for attorney fees in a Chapter 7 and you discharge $40 or $50K worth of credit card debt. While some people think it is immoral--just open your Bible and turn to Nehemiah 10:31 and Deuteronomy 15:1-2. If bankruptcy were immoral, would it be legal and provided for by the U.S. Government -- one of the most prudish governments there is? What you really need to look at is your income level. If you are below the median for your area (which you can find in bankruptcy code books or from the state statutes concerning exemptions, which vary from state to state) then you are eligible to file for a Chapter 7. There are other issues such as personal property and how much of it falls within the exemptions, as well as concerns regarding recent transfers of property. These can all be brought to the attention of a bankruptcy attorney and they can guide you in the right direction.
If your income is OVER the median, then you have no choice but to a Chapter 13 bankruptcy...which can be very long and painful for some people. They last from 3 to 5 years and eat up a lot of your income. The Chapter 13 is ideal for people who are behind on their loans to either mortgage companies or their vehicle lenders or if you are behind in taxes and/or child support payments.
The bankruptcy code is federal and does not change from state to state. However, what does change are the exemptions which are incredibly important so I would recommend seeking counsel on those matters.
I have had a lot of clients who have been screwed over by the credit negotiating programs but if you find one that has good references from people you know and is trustworthy-go for it.

2008-07-21 12:05:49 by perkins

Only if a) the accounts were in your name as well or b) it was accrued during the marriage and you live in one of the following states:

Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin

2007-05-19 07:35:49 by sumo s