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| *Loan,banking and credit>>>debt loan |
What happens to your financial debts when you die? Considering if you're young, paying off your student loans |
Or any age, really. Say if you're in debt with creditors and loan companies.....Where does your debt go? And how is your death paid for, that is with or without life insurance? That depends. If you have assets your creditors could claim them. If you have no assets, the creditors "write it off", which means they eat the debt, and get a tax break from doing so. If a life insurance policy is payable to your estate, then those proceeds will go toward the debt. But if someone else is the beneficiary of your policy then the creditors can not touch it. They are usually written off (charged off), unless you are wealthy and have an estate that they recover money from. Basically, your debt dies with you. Your estate (meaning everything you own). If you had a will, liens would be placed against your assets at the time of death. They would have to be paid off as part of accepting the assets. If the money didn't cover the debt or the funeral costs then the debtors would be S out of luck, you would not receive a funeral, and the good ol american taxpayer would pay for you to be buried or cremated. Most places will do their best to saddle your heirs with your debt. If they can't, then the write it off. Just don't apply for a new car loan after you're dead. You won't get it. If you don't have life insurance, or other arrangements, then it's up to your heirs to pay for your funeral and burial costs out of their pockets. If they can't, then the state may do so, but you will get the cheapest and worst of burials imaginable. debt consolidation if someone wants to get out of debt today it is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is: http://umgarticles.atspace.com/debt-cons... |
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