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Is an individual's debt rescinded when they passed away?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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[–] Denjin@feddit.uk 1 points 1 day ago (1 children)

As has been mentioned by a few people, the debt does not pass on. Any creditors will take what is owed to them first out of any estate that would be passed on to next-of-kin or the beneficiaries of any will the boyfriend had.

If there is no will and you aren't married it's incredibly unlikely you'd inherit anything anyway.

Any assets owned by the deceased will have to be sold in order to settle any debts first before anything else can be passed on.

[–] Drusas@fedia.io 1 points 1 day ago

If the estate isn't valuable enough to cover multiple different debts, I wonder how it is decided which debts get first, second, etc, priority. First come, first served? Oldest debt first? Largest debt first? Disperse monies to each debt owner equally?