Credit card debt after cosigner passed away
My father is a cosigner on my brothers credit cards. He passed away last month. My brother is not paying off the debt. Can we remove my fathers name? Is my dads estate responsible? My brother owes more than the estate is worth. My mom will be left destitute if the credit companies go after the estate.
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Well, we need to know a lot more info, since where your mom lives will have an impact on what assets are at risk, but the general answer is yes, the assets of the estate are at risk, since your dad was 100% responsible for the debt. (This is what being a co-signer means.)
Removing his name from it would require the agreement of the card issuers and given that the debt isn't being serviced, I would be thunderstruck if they would agree to that.
You need legal representation immediately.
If your mother is now the owner of all assets and obligations of your father, she may be able to cancel the card.
This does not deal with the damage that has already been done, but could limit the risk of building up more debt.
Many credit cards have insurance premiums or options for the case of the individual being unable to pay the debt due to disability or death. Depending on the card and the options selected, it is possible that with the death of the cosigner that the insurance (if any) could cover the outstanding debt.
It is not likely and as Pieter B commented on OP's original post, contacting the credit card company is a risky move.
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