Local_Historian wrote: I have a problem with the seniors who are wracking up all kinds of debt and then filing bankruptcy. I saw a news story about this a few weeks ago, on MSNBC. I also have a problem with those doing it and then paying tiny amounts, knowing their kin will get saddled with it, or even those wracking it up, knowing it will disappear when they die, cause they have no kin or estate to pay it.
That's just screwing the rest of us.
But if this si the ONLY way they can get through without living on the street, then it;s what they have to do.
I believe that if the estate is not large enough to pay off all debts, the kin are not legally responsible.
Depends. We were saddled with federal taxes from MIL after her death. Her estate could not pay for it. I understood that some credit companies will go after kin as well. Whether or not this is legal does not stop them. Most people do not know they are not responsible for that debt.
However, that debt leads to problems for the rest of us.
Local_Historian wrote: I have a problem with the seniors who are wracking up all kinds of debt and then filing bankruptcy. I saw a news story about this a few weeks ago, on MSNBC. I also have a problem with those doing it and then paying tiny amounts, knowing their kin will get saddled with it, or even those wracking it up, knowing it will disappear when they die, cause they have no kin or estate to pay it.
That's just screwing the rest of us.
But if this si the ONLY way they can get through without living on the street, then it;s what they have to do.
good point. but i have a problem with lots of people, not just seniors racking up debt and then filing for bankruptcy and getting to keep their home, and car and other items.
looks like lots of people made some poor investments, not just seniors, which is to be expected if you are invested in the stock market - great while it is going up, bummer when it is going down.
Local_Historian wrote: Depends. We were saddled with federal taxes from MIL after her death. Her estate could not pay for it. I understood that some credit companies will go after kin as well. Whether or not this is legal does not stop them. Most people do not know they are not responsible for that debt.
However, that debt leads to problems for the rest of us.
but i gather you were saddled with federal taxes and were responsible because you were inheriting something from her? i am not familiar with any cases where it poured over from the estate when there wasn't enough funds. maybe yours is a more specific case with more info that i am not seeing.
and whoa that credit card companies have come after people/kin even when they know it can't/shouldn't be done. i think you would have some legal beagles in a world of hurt if they are representing the credit card companies doing that.
bumper sticker - honk if you will pay my mortgage
"The problem with Socialism is that eventually you run out of other people's money." attributed to Margaret Thatcher
"A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government." Thomas Jefferson
