Your Father's Debt

[questionedfish]

If your dad owes the bank (citibank etc) $$$$ and if something unfortunate happen to him,

 

as his son/daughter, are you required to pay off his debt?

 

Any finiancial advisers or lawyers able to enlighten me? thks..

[Yoongf]

Dad's assets will be consolidated into an entity known as "The estate of Dad".

The creditor will then submit claims to the administrator of "The estate of Dad".

After all creditors are satisfied, then the balance is distributed to the beneficiaries.

 

There is no direct relationship between creditor and the benificiaries.

[questionedfish]

Dad's assets will be consolidated into an entity known as "The estate of Dad".

The creditor will then submit claims to the administrator of "The estate of Dad".

After all creditors are satisfied, then the balance is distributed to the beneficiaries.

 

There is no direct relationship between creditor and the benificiaries.

 

abit chim leh. can explain or say in simple terms?

[Vid]

If your dad owes the bank (citibank etc) $$$$ and if something unfortunate happen to him,

 

as his son/daughter, are you required to pay off his debt?

 

Any finiancial advisers or lawyers able to enlighten me? thks..

 

Unless creditors are loan sharks, else son/daughter need not pay off the debt.

Edited October 16, 2010 by Vid

[Vid]

abit chim leh. can explain or say in simple terms?

 

It means you will only get any money/assets after paying off the creditors.

[questionedfish]

Unless creditors are loan sharks, else son/daughter need not pay off the debt.

 

sure ornot? law got say children not reqired to pay off parent's debt?

[Sosaria]

But if dad had planned to give some inheritance to son/daughter, then sad to say, the bank will have the first 'bite'...

 

So if you look at it this way, the son or daughter may be affected.

[Vid]

sure ornot? law got say children not reqired to pay off parent's debt?

 

of cos sure... if u got debts, your parents also not obligated to pay off so why should u have to pay off their debts? U are related only by blood, not by money

[Stevel]

sure ornot? law got say children not reqired to pay off parent's debt?

 

then i ask u in return, what is the law that say children required to pay parents' debts?

[questionedfish]

But if dad had planned to give some inheritance to son/daughter, then sad to say, the bank will have the first 'bite'...

 

So if you look at it this way, the son or daughter may be affected.

 

the son/daughter will suffer for sure.

 

i mean, if he passed away suddenly / become disabled and losses his income, then any current debt that he owes the bank, will it passed to his children to pay-off?

[Albeniz]

abit chim leh. can explain or say in simple terms?

 

Dad's money left behind will be used to pay all his debts first.

If after paying the debts and there is money left, it will be distributed to the children.

 

[Coupecabriolet]

if money left behind to pay debts, isn't enough then how? children have to bear the remaining?

 

thanks for the info ^^

[questionedfish]

then i ask u in return, what is the law that say children required to pay parents' debts?

 

so the bank will write off the debt?

[Albeniz]

the son/daughter will suffer for sure.

 

i mean, if he passed away suddenly / become disabled and losses his income, then any current debt that he owes the bank, will it passed to his children to pay-off?

 

Yes, only if the child acted as guarantor when dad applied for the loan. Otherwise, I don't think so.

Edited October 16, 2010 by Albeniz

[Vid]

if money left behind to pay debts, isn't enough then how? children have to bear the remaining?

 

thanks for the info ^^

 

then creditors LL lor... write off. nothing will happen to children unless they have a part in the debts

[questionedfish]

Dad's money left behind will be used to pay all his debts first.

If after paying the debts and there is money left, it will be distributed to the children.

 

but if there's not enough money left behind to pay the debt, children will still not be required to foot the balance?

[Sosaria]

Dad's money left behind will be used to pay all his debts first.

If after paying the debts and there is money left, it will be distributed to the children.

 

...Or distributed to dad's mistress. It can happen

 

[questionedfish]

then creditors LL lor... write off. nothing will happen to children unless they have a part in the debts

 

okie i roughly got it