Legal Question in Credit and Debt Law in Georgia
what happens if you co-own a business and a house and the co-owner dies but does not leave enough money to pay their credit card debts off? Can the house or business be taken to pay that debt?
1 Answer from Attorneys
Maybe. Very Possibly. There's now way to answer you without a great deal more information as the answers depend on paperwork no one here has seen.
Before ever buying a home with someone, and before ever starting a business with someone, one ALWAYS should retain a lawyer. Agreements need to be drafted to cover such situations before they happen, and you always also go to an insurance agent to be sure each party carries insurance to protect against such situations.
If you made the disasterous financial mistake of not doing this and are in this situation, see a lawyer now to see what problems you face. The fees now will be larger in most cases than addressing these situations in advance.