Almost everyone dies owing at least some debt. Sometimes its only last months ordinary bills plus final medical expenses. But there can be shocking surprises for survivors debts unknown to the children and even to the spouse of the deceased. Heirs might discover large credit card balances, undisclosed home equity loans or gambling debts.
Creditors are entitled to payment, from the money and property (the estate) that your loved one left behind. But what if he or she didnt leave enough to get everyone repaid? Can the creditors come after you?
Sometimes yes, sometimes no. With loans secured by property, such as mortgages, an heir has to keep up the monthly payments or else sell the property to cover the debt. Uns…
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