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Old 02-06-2009, 05:40 AM
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Join Date: Jan 2009
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Responsible for debt?

What is the name of your state (only U.S. law)? NJ
I own a house with a family member (not spouse). We are tenants in common with rights of survivorship. If one party dies, is the other party responsible for outstanding debts of the deceased? For example outstanding credit card debt? Payments are not late, all accounts are current. Can any creditor come after the surviving person for debt of the deceased? These are not shared accounts. Can creditors stake any claim to the house?
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Old 02-06-2009, 07:09 AM
Senior Member
  
Join Date: Feb 2007
Posts: 8,272
You are not responsible for debts for which you are not signed for.
However the share of house in tenancy in common becomes part of the estate and can be counted as an asset against the debts. I've been out of NJ real estate for a few years, so I'd suggest you contact a lawyer to see what form of ownership preserves the survivorship interests you require.
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