What Happens to Debt When You Die? What If You’re Insolvent? | DFI30

What Happens to Debt When You Die? What If You’re Insolvent? | DFI30 |
If you die and you owed debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today’s podcast, Doug Hoyes and Ted Michalos discuss what happens when you still owe creditors after you’ve passed and the impact on your estate. They provide practical advice on dealing with joint debt when one spouse has passed, how adult children can navigate debt repayment for their aging parents, and other dos and don’ts when it comes to dealing with an insolvent estate, including whether it’s a good idea to file a bankruptcy or consumer proposal post-mortem. Tune in for lots of helpful tips!

Links:
Does Debt Survive Death? www.hoyes.com/blog/does-debt-...
CPP Death Benefit: www.canada.ca/en/services/ben...
CPP Survivor’s Pension: www.canada.ca/en/services/ben...
#debt #debtfree #DebtFreeIn30 #DebtAfterDeath #TilDebtDoUsPart #DebtWhenYouDie #Insolvent #InsolvencyAfterDeath #podcast #postmortem
who is liable power of attorney canada what happens to debts when you die till debt do us part

[@normanmayer5209]

Useful information. I volunteer year round with CVITP and from time to time come across someone who is dealing with a deceased's estate (usually the spouse). Even though officially we do not deal with final returns, we help out where we can. Since we deal with lower income clients, the most common scenario is: no will, no or next to no assets and possibly some debt. Sometimes the biggest debt will be a tax debt since filing taxes is often the last consideration in the final stages of someone's life.

[@GregPhilip]

An unexpected but great episode with lots of great information. This is great!

[@joyceelmer131]

What if you die after the statute of limitations is past. There is no more debt right?

[@moniquerichards6099]

I need a English version of this?

[@michaeldaisey3546]

What about credit if u are repersinive of estate also only name onwill and only blood sibling ?

[@vseckert9933]

What about Hoa Debt, the Hoa brought a lawsuit for( Association dues , fines, violations that my husband intentionally caused ) against my dying Mother living at Senior Facility, she passed, they also brought a claim against me as the P Rep of the Estate. 5 years fighting this. No service to Mom, served my husband at her home, the Judge awarded the Forclosure Judgement against the Estate on a $6,000 Hoa bill in 2018 the Hoa took to Civil Court for $30,000 to 1st Sheriff Sale $47,000 and to BK for $ 66,000. Apparently the laws don't allow an Estate a Bankruptcy in Colorado. The liens trap you until you pay the debt. Need Help to settle this Nightmare. This is happening to alot of people who can't afford an Attorney, your trapped, then loose your homes. Where is the lien protection, help for homeowners?

[@DebtFreein30]

Canadian laws differ from those in the U.S. However, thank you for watching!

[@td4611]

You have to be crazy to pay off anybody’s debt that is not in your name.

[@michaeldaisey3546]

And been living in her house taking care her 1yr proir and wabt keek house?help