| Who can ever expect that one's spouse would | | | | number to the credit card companies. Keep a |
| leave the world one day - leaving the other living | | | | copy the letter for your future reference and |
| partner to take responsible for the credit card | | | | remember to send the original copy via certified |
| debt of their deceased partner. It's definitely hard | | | | mail as a proof that the mail has been delivered |
| to accept two major disappointments of their | | | | to the right recipient. |
| lives that could even affect their financial situation. | | | | 2. If your spouse has savings or assets - use it to |
| Many financial advisors have been encouraging | | | | pay off debt |
| couples to openly discuss their financial situation | | | | If your spouse has cash savings or any valuable |
| including how they manage their personal finances | | | | assets, you have to pay off the total outstanding |
| if either one of them pass away. | | | | debt with it. If you've any questions about making |
| It's hard to expect when such unfortunate event | | | | payment with your spouse's assets, you can |
| would happen on you and there are few | | | | refer to the executor. |
| circumstances that you don't have to take | | | | 3. Be firm and don't simply answer all calls from |
| responsible for your spouse's debt: | | | | the debt collectors |
| - Certainly, if the card is under your spouse's | | | | Answering relentless debt collection calls might the |
| name and the debt is owed by your spouse | | | | most difficult part to handle. You need to |
| - If you or your spouse are a second cardholder | | | | succumb to such pressuring calls from the debt |
| on the account who has charging privileges and | | | | collectors for a short period of time. If it's |
| the account is not a joint account | | | | regarding paying off debt with your spouse's |
| On the other hand, the surviving partner is fully | | | | assets - always remember to clarify all doubts |
| responsible for the credit card debt with these | | | | with the executor. Don't simply answer all |
| circumstances: | | | | questions that you're not familiar with. |
| - If you or your spouse are a second cardholder | | | | 4. Make sure the debt does not exceed the |
| on a joint account - in that case, you have the | | | | statute of limitations |
| bear your spouse's responsibility to pay off card | | | | Most people would get rid of their debt legally |
| debt because your name is listed in the credit | | | | without paying a single cent if their debt has |
| report | | | | passed the statute of limitations. In that case, if |
| - You're likely to take full responsibility for your | | | | the debt collectors asking for a debt payment |
| spouse's debt if you reside in community-property | | | | which the debt has passed the statute of |
| state. However, these rules vary by state. | | | | limitations - get a lawyer to help you get out of |
| Therefore, you have to consult your lawyer for | | | | debt that you're not responsible for. |
| more details about common property law in your | | | | 5. Settle debt with the creditors on behalf of your |
| state. | | | | spouse |
| Since you have to bear your spouse's | | | | If your spouse doesn't have any assets, you |
| responsibilities to pay off your debt - what should | | | | have to act fast to negotiate with the creditors |
| you do? Follow the 5 steps to below: | | | | for settlements. In this case, you can make a |
| 1. Inform all creditors that the account holder has | | | | settlement offer and make the best offer that |
| passed away | | | | you can. Once you've reached to an agreement, |
| You have to send a copy of the death certificate | | | | make sure it's done in writing before you start |
| and other related documents including the account | | | | making payment. |