QUESTION
Are adult children responsible for their parents' debts when the parents die?
Asked on Aug 15th, 2012 on Bankruptcy - New Jersey
More details to this question:
I'm specifically referring to a mortgage and property taxes.
9 ANSWERS
Dennis P. Mikko
No, a child is not responsible for the debts of his/her parents unless they co-signed the debt.
Answered on Aug 26th, 2012 at 11:42 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The only people who are responsible for debts are those who signed the contract - deed of trust, credit card of medical bills.
If the house payments are not made the lender may foreclosure, but cannot sue the heirs. I hope this helps.
Answered on Aug 26th, 2012 at 11:41 AM
No, but generally the deceased parents' creditors are entitled to be repaid before the children can inherit any assets.
Answered on Aug 26th, 2012 at 11:40 AM
Litigation Attorney serving Westland, MI
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Clos, Russell & Wirth, P.C.
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No, but their estate is responsible for their bills/debts. So any inheritance may be reduced or depleted.
Answered on Aug 26th, 2012 at 11:40 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Not in Mississippi.
Answered on Aug 26th, 2012 at 11:40 AM
Family Attorney serving Henderson, NV
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Harris, Yug & Ohlinger
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Adult children don't automatically become responsible for their debts.
But mortgages and property taxes have attached to the property, so if you want the property generally you're going to have to pay the debts for it.
Answered on Aug 26th, 2012 at 11:40 AM
Real Estate Attorney serving Meadow Vista, CA
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The Meadow Law Group
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Children are not responsible for their parents' debts unless they have agreed to assume or have co-signed for the obligation.
Answered on Aug 26th, 2012 at 11:39 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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No adult children are not responsible.. HOWEVER if may be in your best interest to pay both if your parents had sufficient equity in the house For instance House Value $100,000 Mortgage 50,000Taxes due 5,000Equity in house $45,000 So if you sell the house and pay the mortgage you may net $45,000 less the realtor fee (About $6K and closing costs).. so you may net $35,000..
Answered on Aug 23rd, 2012 at 2:22 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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The estate would, not you personally.
Answered on Aug 21st, 2012 at 11:26 AM