Legal Question in Wills and Trusts in New Jersey

Responsibility for Credit Card Debts

I am a single 56 year-old man in NJ, with no children. Currently i have significant credit card debt, which is higher than the value of my assets. If i should die in this same situation, is it correct that my creditors could only receive payment up to the value of my estate, and none of my surviving relatives (brother/sister) would have to pay these debts?


Asked on 7/29/03, 7:39 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Responsibility for Credit Card Debts

In general that is correct. If you have life insurance, it is possible, depending upon the beneficiary designation, it could be reached to satisfy the debts. I suggest creating a life insurance trust to protect the proceeds from being reached by creditors. Contact me if you need assistance.

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Answered on 7/30/03, 10:32 am


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