What is the name of your state? TEXAS & KENTUCKY
TEXAS; My daughters father-in-law (who is a nasty, selfish man) has cancer and won't be long on this earth. He has been getting charge cards (his name only, not in his wife's name) and maxing them out, for whatever he wants. He does not have a job and his retirement income is only enough to pay the minimum due on the cards. He laughs at his family and tells them, "What do I care? I won't have to pay for it after I'm dead, you will!" He says he doesn't care if he runs up a lot of debt, and leaves them with it. Is that true? (My daughter is concerned that she and her husband might get stuck with the debt, or that the wife/widow would get stuck with it (and she has no money).
Does it vary from state to state?
KENTUCKY; I have a friend who suddenly became a widow, whose husband was terrible with finances. He had no job and was a full time student, while she supported the family. Unbeknownst to her, he would open up a charge card and max it out. When he died w/o warning, she told the credit card companies it was his debt not hers. According to her, they said they "would like her to continue to pay" and she said "no", and that was the end of that.
Does it make a difference? - my daughters father in law in Texas has a house (asset), but my widow friend in Kentucky had no house (no assets). Perhaps the credit card companies realized you can't get blood from a turnip?
Logically, I would think that if the credit card debt dies with the person, everyone with a terminal illness would go and max out every credit card they can get their hands on. If the debt does stay with the heirs, my daughter's father in law would be a rare exception, knowingly racking up debt for his loved ones to deal with after he dies.
I want to advise my daughter, so I need the facts! Someone please explain how this works. Thank you!
TEXAS; My daughters father-in-law (who is a nasty, selfish man) has cancer and won't be long on this earth. He has been getting charge cards (his name only, not in his wife's name) and maxing them out, for whatever he wants. He does not have a job and his retirement income is only enough to pay the minimum due on the cards. He laughs at his family and tells them, "What do I care? I won't have to pay for it after I'm dead, you will!" He says he doesn't care if he runs up a lot of debt, and leaves them with it. Is that true? (My daughter is concerned that she and her husband might get stuck with the debt, or that the wife/widow would get stuck with it (and she has no money).
Does it vary from state to state?
KENTUCKY; I have a friend who suddenly became a widow, whose husband was terrible with finances. He had no job and was a full time student, while she supported the family. Unbeknownst to her, he would open up a charge card and max it out. When he died w/o warning, she told the credit card companies it was his debt not hers. According to her, they said they "would like her to continue to pay" and she said "no", and that was the end of that.
Does it make a difference? - my daughters father in law in Texas has a house (asset), but my widow friend in Kentucky had no house (no assets). Perhaps the credit card companies realized you can't get blood from a turnip?
Logically, I would think that if the credit card debt dies with the person, everyone with a terminal illness would go and max out every credit card they can get their hands on. If the debt does stay with the heirs, my daughter's father in law would be a rare exception, knowingly racking up debt for his loved ones to deal with after he dies.
I want to advise my daughter, so I need the facts! Someone please explain how this works. Thank you!
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