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Debt owed jointly, one person dies?

  • 12-02-2011 10:29pm
    #1
    ChandlerBing
    Registered Users, Registered Users 2 Posts: 6 ✭


    For a debt (not mortgage or bank loan) where the money is owed by two parties, and one person dies, does responsibility for the entire debt fall entirely on the other person, or is it the estate of the deceased?

    And if the deceased estate has no money what effect will this have?


Comments

  • #2
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    The debt is a liability of the estate but proceedings can only be taken against the estate for up to two years after the death.


  • #3
    Reloc8
    Closed Accounts Posts: 2,857 ✭✭✭Reloc8


    ChandlerBing wrote: »
    For a debt (not mortgage or bank loan) where the money is owed by two parties, and one person dies, does responsibility for the entire debt fall entirely on the other person, or is it the estate of the deceased?

    And if the deceased estate has no money what effect will this have?

    The debt remains extant against the survivor, in full.

    The debt can also be claimed against the estate of the deceased.

    i.e. both survivor and estate are jointly and severally liable for the full amount. If the estate cannot discharge the debt, the other person (survivor) remains liable.


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