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Posts Tagged ‘debt’

What Happens To My Debts If I Die

When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt. Outstanding debt may include mortgages, credit card bills, car loans, personal loans, or condominium fees — even car leases, where death is considered “early termination” of a contract. Usually your estate is responsible for paying any debts you leave behind. If the estate does not have enough money, the debts will go unpaid. In…

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Seniors Drowning In Debt

In Maryland and across the country, baby boomers and other older Americans are drowning in debt, say credit counselors and economists. A growing number of older people in our region are seeking financial assistance and help finding work, as well as filing for bankruptcy. From 1992 to 2007, the percentage of households of people in their mid-50s and older with housing and consumer debt rose from 53.8 percent to 63 percent, according to the Washington-based Employee Benefit Research Institute's research using government data. The problem is even more acute for those 55 to 64, with 81.7 percent carrying debt. Over…

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