Inherited DebtInherited debt occurs typically when people co-sign a loan with someone else. When you sign on the dotted line with someone, you become just as liable for the debt as the other person. Should the other co-signer forget his payment or become incapable of paying, you are held responsible. You can also inherit a debt by co-signing for a joint credit card. Those listed on the account are responsible for the debt. Although when a single owner of a credit card dies, the credit company will try to recoup the debt from the estate. If full payment cannot be collected, the credit company writes off the debt.
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