${site.data.firmName}${SEMFirmNameAlt}
Practice Areas

Will my family have to pay my debts after I die?

You have worked hard all your life to be able to pay your bills, but like most Americans, you have some debt. You might even have significant debt that you are certain you will not pay off before you die. What happens to your debt after your death, though? Is Floridians' debt wiped clean after they pass away?

Not necessarily, according to NerdWallet. During the probate process your estate will be used to repay your creditors before your beneficiaries receive a penny. What remains after paying off your debts will be distributed to your loved ones, according to the wishes you left in your will. The executor you named in your will is the one who will be responsible for paying your debts - if necessary, liquidating some assets, such as your home, to satisfy creditors.

After repaying creditors, there may still be some forms of debt that your family may be responsible for, such as:

  • Any loan of yours that someone else has co-signed for - the co-signer will now be responsible for the debt
  • Credit card debt, if there was a joint owner of the card
  • The mortgage, home equity loan or outstanding debt from an auto loan - this debt falls to the person who inherits the property
  • Marital debt, if your spouse survives you - not debt that predated the marriage, however

Any debt that remains after your estate is liquidated to repay creditors should be wiped clean. But what if you have so much debt that you are worried your loved ones will have nothing to enjoy after your creditors receive payment?

This is a valid concern. You may want to consider filing Chapter 7 or Chapter 13 bankruptcy to eliminate the debt now so you no longer have to live under its shadow - and so you don't have to worry about it affecting your loved ones in the future.

By planning ahead, you may have the peace of mind knowing you will be able to leave your loved ones a suitable inheritance.

No Comments

Leave a comment
Comment Information

It's Time To Contact Us For A Free Consultation. Se habla español.

Request a free meeting with an experienced lawyer now »

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit our offices / follow us

West Palm Beach Office
2001 Palm Beach Lakes Blvd
Suite #410
West Palm Beach, FL 33409

Phone: 561-328-0726
Fax: 561-689-6767
West Palm Beach Law Office Map

Port St. Lucie Office
201 SW Port St. Lucie Blvd
Executive Suite #2
Port St. Lucie, FL 34984

Phone: 772-344-9090
Fax: 772-236-5482
Port St. Lucie Law Office Map

Vero Beach Office
Miracle Mile Plaza
601 21st St.
Vero Beach, FL 32960

Phone: 772-453-2700
Map & Directions

For your convenience, we also have satellite offices in Ft. Pierce, Boca and Ft. Lauderdale.

back to top