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What Happens To Debt After You Die

By: Michael Millington


In the moments we are alive we live life to the fullest (if we’re lucky). We learn, we get jobs, we gain friends and family. Unfortunately we also gain debt. Some of us are fortunate enough to be able to pay off our debts in our lifetime. But what happens if we die while we are in debt? Do our debts just disappear? Will creditors continue to collect? Will they hassle our children or our spouses and if they do what can we do about it?

 

Does Our Debt Die With Us?

When we die our debts still linger around until they are paid off. In an ideal world our debts die with us and don’t have any impact on anyone we care about. Instead our debts have the ability to pass on to our loved ones to be fulfilled if jointly shared. Normally our debts do not legally become the responsibility of our kids or spouse, but that won’t stop creditors from attempting to collect what you owe from those you are survived by.

 

Are My Debts Passed On To My Family?

Another factor to keep in mind is whether your spouse will be obligated to pay your debts by law after you pass away. States that enforce community property laws, state that any debts incurred within a marriage will be the responsibility of both partners. Any debts brought into the marriage are not covered by this law (although creditors can still demand payment from next of kin). With the addition of end-of-life expenses these debts can quickly become an issue for someone who is left with the responsibility of paying them.

 

What Can I Do?

 

Ask For Help

With the amount of things to focus on when dealing with end-of-life finances, debt should not be one of them. The best way to eliminate debt and the headaches that come with it would be to seek out professional assistance through debt relief services. Without the ability to tackle your debt beforehand, the debts will end up being a huge problem for those you love. Consider acquiring professional help to handle these types of issues to lighten the load on yourself and your family. There are reputable debt relief companies that will not only reduce the debt amount but could get you out of debt efficiently and affordably.

Prepare Yourself

The trouble with dealing with debt is that debt is never the only pressing matter at the time. There always seems to be something more trying going on that takes your focus away. While dealing with a death in the family is a tragic situation, never forget the impact it can have on all those involved. Debt can always sneak up on you when you least expect it. Arm yourself with the knowledge you need to combat the unexpected and make sure you’re prepared even in the worst of times.

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