If a person dies, who owns the liability of his personal loans and credit card loans?



Hi,

If a person dies, who owns the liability of his personal loans and credit card loans?

In INDIA is there any law or rule related to this?

Best regards,
Raja

If a person dies, who owns the liability of his personal loans and credit card loans?
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5 Replies to “If a person dies, who owns the liability of his personal loans and credit card loans?”



  1. the person who inherits the assets of the deceased individual will be liable for the loans to the extent of the value of the assets inherited by him/her from the deceased person


  2. It usually comes out of the deceased persons estate via his executor (not as in excusionist). I assume a legal will was or has been drawn up? If not it will take longer to settle the details & I’m not sure about probate or death taxes in India?


  3. i think
    this is already mentioned while you fill up form for application for personal loans and credit card loans.

    every bank takes gurrented persons. only that person is liblle to pay back it. check application with loan giver. who is a gurrenter.





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