Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > BANKRUPTCY AND CONSUMER CREDIT > Debt Collections
Reload this Page Virginia Debt Goes To....

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-09-2007, 01:09 PM
Junior Member
  
Join Date: Feb 2007
Posts: 1

Virginia Debt Goes To....

Virginia - Hello, I'm a single 28 year old and have been debating on buying life insurance due to having $20k outstanding credit card debt.

My main question is in Virginia, if I was to die tomorrow and have no kids, would my parents/sisters be expected to pay my outstanding credit card debt and mortgage?

Thanks!
  #2  
Old 02-09-2007, 01:12 PM
Senior Member
  
Join Date: Sep 2006
Location: Missouri Ozarks
Posts: 2,924
Your estate would be required to settle the mortgage. I believe credit card debt solely in your name expires when you do.
  #3  
Old 02-09-2007, 04:00 PM
Member
  
Join Date: Nov 2000
Posts: 931
Your estate will be responsible for all debts. If the estate's assets are less than the estate's debt, the unsecured debts (such as credit cards) will have to settle for less than full payment.
  #4  
Old 02-09-2007, 04:06 PM
Senior Member
  
Join Date: Jan 2006
Location: Il.(near StL, Mo.)
Posts: 2,207
Your debts will be paid out of your estate assets before any distribution of assets go to any "beneficiaries." If your estate assets are not enough to pay all your debts, your parents/sisters will not be responsible for any debts that are yours alone.
__________________
What do we live for if not to make the world less difficult for each other? George Eliot
  #5  
Old 02-09-2007, 04:09 PM
Senior Member
  
Join Date: Jan 2006
Location: Il.(near StL, Mo.)
Posts: 2,207
ShyCat - you & I were typing reply at same time but you got yours submitted off before me. Betty
__________________
What do we live for if not to make the world less difficult for each other? George Eliot
  #6  
Old 02-09-2007, 07:53 PM
Senior Member
  
Join Date: Jan 2005
Posts: 2,336
Life insurance proceeds are not part of your estate. Life insurance proceeds passes directly to the beneficiary.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 10:46 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.