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Question about debt...
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Old 12 Jun 2008, 02:22 AM   #1 (permalink)
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Default Question about debt...

Is it debt passed down from parents to their children?
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Old 12 Jun 2008, 03:12 AM   #2 (permalink)
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I don't know 100% for sure, but I think that like credit card debt is cleared, but I don't know about other debts. Sorry not much help.
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Old 12 Jun 2008, 12:51 PM   #3 (permalink)
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Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.Scuzz , if you wanna be happy for the rest of your life, never make a pretty woman your wife.
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Depends on the life insurance policy. When my grandpa died my dad and his siblings found out that he was like $20k in credit card debt. But his life insurance paid it off along with his cars and such. So before you kill your parents make sure to have your brother get a huge policy on them. That way the blame will automatically go to him..
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Old 12 Jun 2008, 03:23 PM   #4 (permalink)
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Outstanding debt is resolved through liquidation of whatever assets the parents had when they died. Whatever remains is sent to the fed's, some of what's leftover is sent to next of kin or whatever. Really, though, most of that is taken care of through the will. Tell your parents to make one so you don't have to deal with it. But no, debt is not transfered to kids, unless there are specific directions to do so. Like, if your parents own a house, and it's not paid off when they die, technically the bank will reclaim it. If they have a will, they can transfer the house to somebody else, but that person will incur the remaining debt on it. But they can decide if they want to keep the house and make the payments, or they can sell it themselves. It's complicated I guess. Even dieing isn't easy...
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Old 12 Jun 2008, 09:19 PM   #5 (permalink)
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Thanks for the responses everyone. All are appreciated
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