Question:

What happens if you die and you owe bank $100,000

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so if u borrowed (lets say) 500,000 from bank and spent/waste/used/lost most of it and you die.

what happens?

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6 ANSWERS


  1. Your estate would have to pay any debts you have out of the assets of the estate (house, cars, personal property, etc.).  Your things would be sold as necessary to pay your debts.  If the assets don't cover the debts, then the creditor is out of luck. Any assets left would go to your heirs.

      Your heirs or your family do NOT inherit your debts unless they cosigned on the debt.


  2. Your heirs take the debt. And have to pay for the funeral. Nice job.

  3. well, the bank catches ur family for ur ill-deeds....:D

  4. This is a question for the Probate court. After we die the govenment has set up a probate court to settle our estates. They will identify all your assets and all your liablities. They also review your will and then decide if all interested persons are happy with the will. If anyone l protests the distribution, then the will can be changed. Each state is different and so you should check with an attorney.

    The Creditors are given time to register a claim. The creditors will only receive money if you have assets to pay. The Heirs only get money if there are more assets than liabilities.  

  5. The family would inherit only what the deceased had over and above the $100,000 owed to the bank.  The debt gives the bank a claim to the estate up to the amount of the debt. The executor of the estate has to pay off all debts from assets of the estate before any money or property can be dispersed to the heirs.

  6. Your estate repays to the extent that it can.

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