If you die and have no valuable property, who is responsible for any debts that you have?
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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 12 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 12 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.
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