Credit cards

September 13th, 2012 by Questions

If a senior decides not to declare bankruptcy but goes with not paying his credit cards since he can’t pay anymore and the only possession he has is his car, if he dies, will his wife be responsible for paying the credit cards and will they take the car away?

Posted from: Ontario


One Response to “Credit cards”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

No his wife won’t be responsible to pay that debt, assuming she hasn’t signed on that debt, the debt would become the responsibility of the estate. So if there were any assets owned by the estate of the deceased (i.e. the car), then those assets (i.e. the car) would have to be sold and used to pay the debt.

In terms of the car, currently if the car is less than the amount allowed in your provincial exemptions, then your creditors can’t take it away.

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