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Old 09-14-2003, 10:46 AM
mlherbig
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Question

credit card debt

What is the name of your state? New York
My husband has been given 6-12 months, due to cancer. He has credit card bills & continues to use them. None of the cards have my name on them. Am I responsible to pay these after his death?
  #2  
Old 09-14-2003, 11:04 AM
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No, New York is not a community property state. Upon his death, his estate is responsible for any debts. If the estate is insolvent then, nobody gets paid.
My sympathy for your husbands illness.
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Old 09-14-2003, 11:38 AM
mlherbig
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credit cards

What is insolvent? Would it come out of his retirement or life ins?
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Old 09-14-2003, 12:05 PM
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Insolvent means, his liabilities exceed his assets.
Life insurance bypasses probate and is paid directly to the beneficary. Also, ERISA qualified retirement accounts are exempt from creditor seizure and the proceeds go directly to the beneficary.
If you two own joint assets like a home or, stocks and bonds, investment real estate, etc then, I'd suggest you speak with a lawyer that handles estate issues.
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