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Flash of panic -- can creditors come after extended family?
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<blockquote data-quote="seriously" data-source="post: 449740" data-attributes="member: 11920"><p>You can refer to this website for both general and state specific information.<a href="http://www.creditcarddebt.org/" target="_blank"></a></p><p><a href="http://www.creditcarddebt.org/" target="_blank"></a></p><p><a href="http://www.creditcarddebt.org/" target="_blank">http://www.creditcarddebt.org/</a></p><p><a href="http://www.creditcarddebt.org/" target="_blank"></a></p><p><a href="http://www.creditcarddebt.org/" target="_blank"></a>As others have said, unless you are a co-signer (not an authorized user) on the card OR a spouse in a community property state (both Texas and California are community property) they supposedly cannot force relatives to pay the debt. The estate will owe the debt but most states have laws regarding which assets can be used for this. For example, most states exempt a home that the spouse is still living in and retirement accounts that are supposed to go to specific people. Why NOT to have your 401K go to "your estate".</p><p></p><p>If your generous sister in law has co-signed anything with them she was very foolish. Let's hope she didn't do this - in Texas or here.</p><p></p><p>The other thing is that every state has a statute of limitations on when the right to pursue collection ends. It varies from state to state. In California, a verbal contract is 2 years, a written contract is 4 years (I needed to know this recently).</p><p></p><p>So they may also be delaying in hopes that the debt passes the statute of limitations.</p><p></p><p>The problem with that is the statute of limitations runs starting as of the LAST payment - not when the debt was incurred.</p><p></p><p>So if you've been paying $100 a month for 5 years on a debt and decide to stop paying they can still come after you for 4 years after the date you stop paying.</p><p></p><p>A lot of creditors try to trick people who don't know about this. They will call the month or two before the debt expires and say - just send us $10, anything at all will help. And that re-starts the period all over again. And you can be sure they are NOT going to tell you this information.</p></blockquote><p></p>
[QUOTE="seriously, post: 449740, member: 11920"] You can refer to this website for both general and state specific information.[URL="http://www.creditcarddebt.org/"] http://www.creditcarddebt.org/ [/URL]As others have said, unless you are a co-signer (not an authorized user) on the card OR a spouse in a community property state (both Texas and California are community property) they supposedly cannot force relatives to pay the debt. The estate will owe the debt but most states have laws regarding which assets can be used for this. For example, most states exempt a home that the spouse is still living in and retirement accounts that are supposed to go to specific people. Why NOT to have your 401K go to "your estate". If your generous sister in law has co-signed anything with them she was very foolish. Let's hope she didn't do this - in Texas or here. The other thing is that every state has a statute of limitations on when the right to pursue collection ends. It varies from state to state. In California, a verbal contract is 2 years, a written contract is 4 years (I needed to know this recently). So they may also be delaying in hopes that the debt passes the statute of limitations. The problem with that is the statute of limitations runs starting as of the LAST payment - not when the debt was incurred. So if you've been paying $100 a month for 5 years on a debt and decide to stop paying they can still come after you for 4 years after the date you stop paying. A lot of creditors try to trick people who don't know about this. They will call the month or two before the debt expires and say - just send us $10, anything at all will help. And that re-starts the period all over again. And you can be sure they are NOT going to tell you this information. [/QUOTE]
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Flash of panic -- can creditors come after extended family?
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