QUESTION
What are the financial responsibility after death?
Asked on Jun 04th, 2013 on Bankruptcy - Michigan
More details to this question:
I'm in the middle of a bankruptcy, paying off a car, a lease of a car to a friend, and other financial obligations. If a person were to commit suicide or die what happens to those financial obligations? Are they passed down to the wife/family or do they cease when the person passes?
5 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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The obligations would become obligations of the person's estate. If there are any assets in the person's sole name, creditors would have to file a claim against the estate to be paid out of the estate assets.
Answered on Jun 06th, 2013 at 9:10 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the law of the state where you live. In Arizona the obligations become the responsibility of the surviving spouse. If there is no surviving spouse then they become the obligation of the estate of the deceased. I hope this helps.
Answered on Jun 06th, 2013 at 9:09 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Secured debts will continue attaching to whatever property they are linked to. They would pass. If the debt is only in your name, the general unsecured debts will not pass to family. However, if you are married while the debt was incurred, it could still be on your spouse to pay that debt as Idaho is a community property state. Just because someone has passed does not mean the debt has died, the debt will still have to be resolved in probate or some other forum.
Answered on Jun 06th, 2013 at 2:43 AM
Committing suicide would be an overwhelming burden to your family and the pain you are feeling right now will pass. Financial obligations are not as important as your family obligations. Please dial 911 and ask for help from the suicide prevention hotline. My brother is a volunteer and will be glad to help you because he has been there himself.
Answered on Jun 06th, 2013 at 1:52 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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No easy answer. I would have to review the genesis of the obligations. Speak with you bankruptcy counsel or get counsel.
Answered on Jun 05th, 2013 at 11:22 PM