Wednesday, March 17, 2010

What can a 17 year old do to bypass their parents debt?

So my mom is over 300k in debt, I'm 17. What can i do now to make sure that debt is not passed to me later in life?

What can a 17 year old do to bypass their parents debt?
Debt does not get passed on. The debts will be deducted from her estate when she dies. Any that is unpaid will remain unpaid. You are not responsible for your parents' debt.
Reply:It won't happen.





The most they could do is take away your inheritance, but you cannot become responsible for the debt.
Reply:You do not have to worry. You will not be responsible for your parents debt. The debt was not incurred by you so it is not your responsibility. At 17 I would not think that you are a co-owner on any of the accounts. Even if you are they can not hold a minor responsible for such debt.

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