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Message
Terminal Illness Hypothetical: Single with no assets, who eats the credit card debt?
Posted on 7/31/18 at 12:24 pm
Posted on 7/31/18 at 12:24 pm
Say, for instance, I am a single adult with 250k a year salary, but $0 in savings because I spend a lot, and 150k in available credit on my credit cards. I rent an apartment in a month to month lease and have no immediate family or a car because I'm in a big city.
Doctor gives me 2 months to live. So I rack up 150k in debt traveling the world, eating great meals, getting high end escorts, etc.
Who eats that 150k debt when I die? Credit card companies? I have no major assets for them to seize to pay for it.
Doctor gives me 2 months to live. So I rack up 150k in debt traveling the world, eating great meals, getting high end escorts, etc.
Who eats that 150k debt when I die? Credit card companies? I have no major assets for them to seize to pay for it.
24
Posted on 7/31/18 at 12:25 pm to TheCaterpillar
quote:
Doctor gives me 2 months to live. So I rack up 150k in debt traveling the world, eating great meals, getting high end escorts, etc.
Plot twist, he read the wrong chart and has been trying to contact you for the last month
This post was edited on 7/31/18 at 12:27 pm
Posted on 7/31/18 at 12:25 pm to TheCaterpillar
quote:
2 months to live
Sorry to hear that man
Posted on 7/31/18 at 12:26 pm to TheCaterpillar
quote:
Say, for instance, I am a single adult with 250k a year salary, but $0 in savings because I spend a lot, and 150k in available credit on my credit cards. I rent an apartment in a month to month lease and have no immediate family or a car because I'm in a big city.
Doctor gives me 2 months to live. So I rack up 150k in debt traveling the world, eating great meals, getting high end escorts, etc.
Who eats that 150k debt when I die? Credit card companies? I have no major assets for them to seize to pay for it.
I'm pretty sure it gets written off as bad debt. So, the bank who "lent" you the money via the credit card purchases.
Posted on 7/31/18 at 12:26 pm to TheCaterpillar
quote:Your executor can contact them. They cant go after your heirs. Go into the light.
Credit card companies
Posted on 7/31/18 at 12:26 pm to TheCaterpillar
quote:
Credit card companies?
Yes, as a write off.
Posted on 7/31/18 at 12:26 pm to TheCaterpillar
No family at all? No parents or siblings or cousins, nothing?
I imagine they will get testy when you start spending that much that fast
I imagine they will get testy when you start spending that much that fast
Posted on 7/31/18 at 12:26 pm to TheCaterpillar
I guess they'd have to eat it. Is dying without any friends, family, or possessions worth 150K that you have to spend in 2 months?
Hell yeah!!
Hell yeah!!
Posted on 7/31/18 at 12:27 pm to TheCaterpillar
The credit card companies eat it.
Posted on 7/31/18 at 12:27 pm to CoachChappy
quote:
No family at all? No parents or siblings or cousins, nothing?
I imagine they will get testy when you start spending that much that fast
Well I have siblings and parents.
Would they go after them even though they weren't involved? Can't imagine so.
Posted on 7/31/18 at 12:27 pm to TheCaterpillar
quote:
Would they go after them even though they weren't involved
Nope
Posted on 7/31/18 at 12:27 pm to Sun God
quote:
guess they'd have to eat it. Is dying without any friends, family, or possessions worth 150K that you have to spend in 2 months?
Hell yeah!!
I have friends and family. I guess I meant I have no spouse or kids.
Posted on 7/31/18 at 12:28 pm to TheCaterpillar
tax write off debt for credit card company
Posted on 7/31/18 at 12:28 pm to Sun God
Who they hell is going to give you that kind of credit limit without assets?
Posted on 7/31/18 at 12:28 pm to TheCaterpillar
It becomes a debt of your estate. If a legatee accepts your estate, they become responsible for the debts of the estate.
If no one accepts your estate (for which there is apparently nothing), then the credit card companies eat it.
If no one accepts your estate (for which there is apparently nothing), then the credit card companies eat it.
Posted on 7/31/18 at 12:28 pm to CoachChappy
Yes. They will shut it down or even lower your limit if you start spending too much.
Posted on 7/31/18 at 12:29 pm to Napoleon
As a slight spinoff, let's say someone did say "frick it" and do what the OP mentioned but the person DOES have immediate family. Not spouse but let's say a brother or a child. Would the bank come after those people? That would suck beyond my wildest imagination to get that call like "hey sorry your dad died but you owe us $150K" How is that even legit?
Posted on 7/31/18 at 12:29 pm to Janky
quote:
Who they hell is going to give you that kind of credit limit without assets?
High earner for 20 years, very high spender, and maintains 5% usage on credit cards all those years?
I bet your credit would get huge, even without assets.
But for sake of this, lets say I had a home when I got that credit limit, then sold it and spent the money.
Posted on 7/31/18 at 12:29 pm to TheCaterpillar
Because you died part way through the year, you estate would be getting a refund on your federal and state taxes that where withheld. That would go part way to repay. Any clothing furniture would be sold.
And you can bet that the probate court wouldn't believe that you had not accumulated money somewhere from that big a salary. (Your company didn't have any insurance on you?)
And you can bet that the probate court wouldn't believe that you had not accumulated money somewhere from that big a salary. (Your company didn't have any insurance on you?)
Posted on 7/31/18 at 12:30 pm to TheCaterpillar
quote:
Would they go after them even though they weren't involved? Can't imagine so.
They will call them and make them feel like it's their debt, but they should obviously tell them to frick off.
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