Stafford Bankruptcy Lawyer Robert Weed
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by: lesterjackso25
Word Count: 424
Date: Thu, 9 Jun 2011 Time: 3:32 PM
Does personal bankruptcy aid with inherited financial debt?
“Do I need to file bankruptcy on inherited debt?”
You will discover numerous points a person needs to cope with when another person dies. It seems a shame that this could be a single of them. Although attempting to acquire throught the grief there are so many issues; monetary, personalized, emotinal. It could actually get a toll on you.
In my twenty decades like a personal bankruptcy attorney, I’ve been asked about bankruptcy and inherited credit card debt maybe four or 5 times.
Someone’s mom or father expired, leaving nothing but charge card and medical costs. What to complete? Does bankruptcy help? A lot of people know that you don’t require to file bankruptcy-because you can’t inherit credit card debt in The united states. I in no way believed I’d need to talk about this in my personal bankruptcy blog.
(Unless of course you had been currently a co-signer, collectors can not come immediately after you for your costs of one's mother or father. A minimum of they should not.)
So I was surprised by a news release posted on the net March 31, 2011. Credit card debt collector Phillips & Cohen brags about their leadership in collecting “deceased account recovery.” Deceased account recovery?
Now if someone dies and leaves a probate estate, legitimate creditors should be paid. That’s one in the things that Phillips & Cohen says they do, on their website.
They also say they have “effective family … communication.” What’s that???
The Fair Financial debt Collection Practices Act says that your collector cannot contact anyone other than the consumer borrower or spouse or attorney or the credit score bureau. The only exception is to obtain “location information.”
So I’m unsure how these people-who are clearly collectors-communicate with family. They aren’t aiming to locate someone they are fully aware is deceased. Doesn’t some other communication instantly violate the FDCPA?
If a loved one dies and leaves a probate estate, creditors must be notified and legitimate debts ought to be paid.
But if they leave absolutely nothing, you don't inherit the debt. Don’t let anyone tell you that you do.
There’s no require to file for personal bankruptcy.
About the Author
Filing Bankruptcy isn't for everyone. Learning if it's for you is what matters.
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