Anonymous
Anonymous asked in Business & FinanceCredit · 4 weeks ago

What happens if you die with a large debt?

Credit cards: $25,000

Auto loan: $30,000

Savings: $0

Life insurance: $20,000

So what happens to your debt?

3 Answers

Relevance
  • Amy
    Lv 7
    4 weeks ago

    All of your property gets sold to pay the debts. If there's still not enough, the creditors fight over who gets how much.

  • A
    Lv 7
    4 weeks ago

    if you have any assets they will be attached and leins put on them to pay off the debts.  If you are married your spouse would probably be responsible for the debt, if not, the debt just gets written off

  • Damien
    Lv 6
    4 weeks ago

    it get eliminated, no one else has to pay it,if there's money in your bank account, gov will take that to pay off your loans.

Still have questions? Get your answers by asking now.