Legal Question in Credit and Debt Law in Arkansas
Responsibility of family debt
When my parents are deceased will I be responsible for their debt?
Asked on 2/04/03, 4:35 pm
1 Answer from Attorneys
Herb Southern
The Southern Law Firm
Re: Responsibility of family debt
As a general rule, no. When a person dies, their estate is responsible for their own debts. If there is not enough money in the estate to pay all of the debts, they will be paid in a pro-rata manner.
That having been said, if you have co-signed on their debts or otherwise signed for financial responsibility for the debts, then you may have a problem. The facts you asked do not say a lot about what kind of debts they are or how they came to be. thus, it would be a good idea to talk to an Atty to discuss all of the various possibilities.
Answered on 2/04/03, 5:56 pm