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  1. #1
    Join Date
    Dec 2015
    Posts
    2

    Default Waht Happens to Your Credit Card Debt After Death

    My question involves collection proceedings in the State of: New Jersey

    I have a grandparent who will probably pass away in the near future, who has several thousand dollars in credit card debt and far less in assets that what will be needed to cover it. Relatives of this person who may be named as beneficiaries will not able to cover this amount of debt, and I was wondering what would be the state of affairs after their death. As far as I know, this person has not cosigned on any of their credit cards, bank loans, etc. This person had opened a custodial bank account in both my name and their name several years ago that is still active, but otherwise, I am not financially connected to this person in any way, and as far as I know nobody else is either. Is there any information available to me about what may happen in New Jersey? Thank you guys in advance.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Relative's Credit Card Debt After Death

    if anybody does anything with the estate they need to pay whatever debts there is money for. If there is none left to pay any heir, no heirs get a penny.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Relative's Credit Card Debt After Death

    Generally, in this situation, absent a spouse, it is best to walk away and no one probate the estate as there is nothing there to redeem. Let the chips fall where they may.

  4. #4
    Join Date
    Dec 2015
    Posts
    2

    Default Re: Relative's Credit Card Debt After Death

    Would heirs still be required to pay any outstanding debt at all, and will creditors attempt to contact me afterwards even if not?

  5. #5
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Waht Happens to Your Credit Card Debt After Death

    Relatives are not liable. Someone who signed assuring a debt would be. They will call and ask who is probating the estate. You tell them there was no estate worth the time to probate. They will follow court records to see if you are lying and eventually it will disappear. If they wanted the remaining assets, they are free to send a representative to open probate on their own behalf and sell the persons clothes, etc...

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Relative's Credit Card Debt After Death

    You don't inherit debts. If creditors want to try to pursue the estate's assets, and nobody else opens an estate, it will be necessary for them to open an estate in order to do so.

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