Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Debt After a Debtor’s Death

After a debtor passes away, there are some serious financial concerns that can affect those left behind. This debt may be substantial, passing from the deceased to a co-signer or spouse. Although debtors may pursue bankruptcy if they are facing a terminal illness or other condition that could threaten their lives in order to clear these debts, others may not be fortunate enough to provide such solutions for their family or friends.

For many Americans, accruing debt occurs over a lengthy period of time. However, others may see their financial fortunes ruined by a single tragic event. If you have found yourself with an insurmountable debt load, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 to discuss your debt situation with a skilled and experienced attorney today.

Passing Debt

Some debtors may not understand how debts may be passed from person to person. Some hold a belief that debt does not transfer after death, meaning that one person’s credit cards are wiped clean after their passing. Others maintain that debt may be dealt with against a personal estate only, not being shared by anyone else. However, neither one of these can be assumed to be correct. Instead, the following can occur:

  • Co-signers may be expected to pick up the debt
  • Secured debts, including cars and houses, can be repossessed
  • Joint credit cards are passed to the survivor
  • Debts may be paid from an estate plan

Generally speaking, outstanding debt that is at all shared with another individual may leave that individual legally responsible in case of their partner’s death. This can especially occur between spouses, business partners, friends, and family members.

Contact Us

If you are facing overwhelming debt inherited from another individual, bankruptcy may be an invaluable solution to these issues. To learn more about your options along the process, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000