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Is an individual's debt rescinded when they passed away? (lemmy.world)

submitted 1 day ago* (last edited 1 day ago) by War5oldier@lemmy.world to c/asklemmy@lemmy.world

26 comments fedilink hide all child comments

The scenario is like this: boyfriend has unpaid debt (either from loansharks or the bank themselves) however he died from a terminal illness before debt collectors can get to him, but does his death automatically "erase" the unpaid debt he owes as he's gone?

The thing is, they can't pursue him as he's literally dead. The contract he signed prior to death only bares his name (meaning the debt can't be passed down to either his girlfriend or family) as he's the only signatory listed on paper (while his family are not signatories).

Debt collectors or loansharks show up to his residence only finding out from his girlfriend that he passed away (she has his death certificate to prove it), she reiterates that his debt can't be paid the "conventional" way as he's no longer alive to do that.

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[–] starlinguk@lemmy.world -4 points 1 day ago (1 children)

So the debt doesn't pass, otherwise you wouldn't have to sell the assets.

[–] ProfessorScience@lemmy.world 9 points 1 day ago

That's oversimplifying it. Suppose you have a relative who has $20,000 in unpaid bills, and $5,000 in a savings account. They pass away and leave everything to you in their will. The money in the savings account is used to pay some of the bills, but the remaining $15,000 debt does not pass on to you, or anyone else.