Losing a parent is a traumatic experience, especially if you’re unprepared for the aftermath. Grief coupled with financial worries can overwhelm even the most responsible person. As you face estate management, keep the following questions in mind. Their answers will provide some clarity.
Am I responsible for my parents’ debt?
It depends. Unless you cosigned your parents’ loans, you are not directly responsible for their debts. On the other hand, you might be held responsible if you are listed as the will executor/executrix. For example:
Mira’s father recently died of cancer. As the executrix of his estate and sole beneficiary, she must pay his taxes and lawyer fees before she can inherit.
Which debts are cancelled after death?
Non-cosigned debts are usually cancelled after the account holder’s debt. These include:
Any creditors seeking debt repayment must petition your parents’ estate within 30 days. While they may try to collect, you are generally not required to comply. Talk to your family’s probate lawyer for additional information.
Somebody watching this uses credit cards just to get by. Money’s tight, everything’s too expensive and it’s tough. Lord knows we see our politicians in Washington fighting over what the minimum wage should be and from people who are making minimum wage well up the latter basically so much of the country and the entire middle class is struggling. Most of us are struggling to make it work.
And unfortunately so many these people, so many us, are using credit cards just to make that happen. It’s important to remember that it wasn’t too long ago that people didn’t do that. Back in those days, business people used the Diners Club for airline travel and restaurants and so forth. What’s happened is unfortunately we’ve all become slaves to credit cards. It’s important as you try to recover from your own bad credit situation that you begin to think about that and use those cards less. Try to pay them down because that will improve your credit score.
There are a few common sense approaches to avoid identity theft in everyday life: Don’t:
Overshare on social media
Provide credit information to unreliable online sources
Keep your Social Security card in your wallet
You get the idea. That said, what happens when the identity thief is someone you know? If you’ve recently ended a serious relationship, your ex probably had access to a multitude of information, including:
Salary and household budget
Checking, savings and credit accounts
Passwords to online billing sites
Your Social Security Number (SSN)
What do these items have in common? All are potential items listed on a credit application. Whether you’re being cautious or fear your ex’s motives, don’t allow a bad breakup to affect your finances. Take the following steps to prevent identity theft from clouding your future. continue reading “Exes and Identity Theft: How to Deal” »
A college degree is a valuable asset, or is it? Unfortunately for many students, not all institutions are created equal. A recent Consumerist.com article revealed a Minnesota college’s shady business practices when a former dean reported them for using deceptive means to lure new students. If you’re hoping to earn an advanced degree, don’t fall for the same tactics. Protect yourself by keeping the following factors in mind. These strategies will help you find the right educational partner.
Factors of a reputable university include:
1. Accreditation. What makes a college education valuable? One word: accreditation. In the U.S., post-secondary institutions prove their worth by meeting specific criteria established by regional, national and specialized associations. A university must also be accredited in order for their students to receive federal financial aid and loans. So, what are the differences between these accreditations? continue reading “For-Profit College Scams: Five Ways to Protect Yourself” »
It’s no secret that relationships are complicated, and unfortunately, many end on poor terms. If you’re entering 2015 as a newly single person, you’re probably wondering about the financial implications. Use the tips below to help you navigate new territory. What you learn won’t protect your feelings, but it will protect your credit score.
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*Important: While the testimonials and other information on this website may be exciting, Lexington Law promises only to perform the steps we've agreed to in each client's case and to charge each month only for steps already completed. As with any legal work, no outcome is promised. Your results will vary. **The number of items removed represents the combined removals for all three credit bureaus. For example, if a single questionable negative item is removed from all three credit reports, it is counted as three separate removals.