Dealing with Debt

questions & answers

Question: My mom passed in 2014. I was on her checking account because she could not see well and I wrote her bills for her. Now the bank says I have to pay her line of credit, and they keep slapping late fees and interest on it every month. My only income is social security. Please tell me what to do and what can they do to hurt me? Thank you

Answer:

A checking account is wholly separate from a “line of credit”, which is just that—a source of credit. Only the Borrower named on the LOC—and his/her estate when deceased—can be held liable for such debt. Holding a Checking Account jointly with another person does not, by itself make the joint holder liable. (However, unlike here, spouses who jointly hold a checking account may encounter different laws regarding spousal liability)

Comments:

QUESTIONS

  • My mom passed in 2014. I was on her checking account because she could not see well and I wrote her bills for her. Now the bank says I have to pay her line of credit, and they keep slapping late fees and interest on it every month. My only income is social security. Please tell me what to do and what can they do to hurt me? Thank you

STORIES

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