Anonymous
Anonymous asked in Business & FinanceCredit · 1 month ago

Will credit card companies come after my son for this unpaid credit card balance? ?

 I owe less than $5000 on 4 credit cards. I am on Social Security disability and was made sick neurologically, etc by doctor-prescribed drugs. I cannot work. I feel like I’m going to die soon from all these issues and more and I want to be able to leave my son as much money as I can. It’s almost impossible for me to keep paying this credit card debt every month. I don’t even have enough money to get my car fixed or anything because I’m afraid to spend money now and continuing having to pay these credit card payments every month with accumulating interest is scaring the hell out of me.I have some money saved that  I want to leave for my son. So I’m trying not to spend any money on anything else. If the credit card company knows about other bank accounts that I have after I die and the balance isn’t paid off will they be able to automatically the money out of my other account? Honey I want to leave for my son? I’ve just gotten into this really bad situation, I’ve made a mess of my life financially and lost a lot of money for reasons I can’t go into right now, and I don’t know how to get out of it. And I’m pretty sure I’ll never work again and I don’t want to leave my son with nothing. I think he’s going to need the money. I understand a lot of people are going to want to lecture me on morality and paying debts but that’s not really the answer I’m looking for right now. I’ve had a lot of money taken from me as well and I just don’t want to die and leave my son with nothing

12 Answers

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  • Sudz
    Lv 5
    1 month ago

    It is not that important to leave a legacy based on money or financial support alone, perhaps just teach or get your son a book on basic financial information and that way, he can take care of himself after you are gone. Give a man a fish, he'll be hungry again, teach a man to fish and he'll be self-sufficient all of his days (sry for the misquote but you get the idea).

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  • Amy
    Lv 7
    1 month ago

    They will come after your estate for the money. The cash that you have saved, and sale of physical assets such as your house, will be used to pay your debts before any amount left over can be inherited by your son.

    If your son illegally takes the money from your bank accounts without paying the credit card balances, then yes the credit companies will sue him.

    If it happens that even selling all of your assets doesn't raise enough money to pay your debts in full, the debt will not be inherited - your son will simply get nothing.

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  • Eva
    Lv 4
    1 month ago

    Once you die all your assets and debts have to be gathered. Any assets (including cash) must be used to pay those debts. If there is anything left after that, it would go to your son. You can't save up money to leave him by not paying your bills now.

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  • Judy
    Lv 7
    1 month ago

    No, they won't come after your son. But all of your debts will have to be paid off from any money or other assets you have, BEFORE your son gets whatever is left over. So by not paying and running up the interest, you are setting up for your son to get LESS.

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  • Anonymous
    1 month ago

    I suggest you take everything out of your accounts, and then make an account, for your son then put whatever you have in his account as soon as possible. Nobody will be able to take the money you put into his account. Because once it's in his account, then your money will belong to him.

    Hopefully he will either save it, or use it wisely, or do both.

    • Amy
      Lv 7
      1 month agoReport

      Actually, creditors CAN come after money given away shortly before death, precisely to avoid this sort of evasion. Anon would have to survive a while after this transfer, while depending on the son to pay all his expenses.

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  • 1 month ago

    usually not unless your son signs on as a guarantor. when you are dead, the companies go for your estates, what is left will be distributed

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  • Anonymous
    1 month ago

    They could come after your estate. But for such small amounts, I doubt they would.

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  • Anonymous
    1 month ago

    File chapter 7 bankruptcy, end of the credit situation.

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  • A.J.
    Lv 7
    1 month ago

    There is a lot of irrelevant words in this. You have debt. When you die, you have an estate. the debtors make claims against the estate and all actions in months prior.

    Declare bankruptcy if you owe enough and if after exiting bankruptcy you have money, it can go to your son.

    You might be possible getting a life insurance policy with your son as beneficiary skirting and making use of law. your son is not responsible for your debt, but your estate is.

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    • Amy
      Lv 7
      1 month agoReport

      Money passed through a TOD is not part of the estate, but is still inheritance. Creditors can come after it if there is not enough other money in the estate.

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  • Anonymous
    1 month ago

    They will take the money from your estate to pay off all your debts.

    Why not get life insurance and  have your son be the beneficiary.?

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