During their initial consultation with a St. Louis Chapter 13 Bankruptcy Lawyer, some older clients worry that, when they die, their debt will be passed on to their children. They may have been told this by aggressive debt collectors who try to use pressure tactics to collect their debt. Fortunately, your children will not be responsible for your debt from their own personal accounts. Therefore, you can rest easy knowing your children will not bear any unnecessary debt.
A St. Louis Chapter 13 Bankruptcy Attorney Explains Your Debt and Death
When you die, the executor of your estate (whether it is your child or another trusted person) will be responsible for paying any leftover debts from your estate. For instance, say a person dies and their only asset is a $50,000 life insurance policy. If this person had $75,000 in debt, that life insurance policy will be used to satisfy the debt and their children or other beneficiaries will receive nothing. That extra $25,000, however, simply disappears.
If you would like to leave something to your children or other loved ones, however, a St. Louis Chapter 13 Bankruptcy Attorney can work to get your debt under control while keeping your valuable assets. Because you will get to keep most assets in Chapter 13, once the bankruptcy is completed, you will be free to pass on whatever you have to your children free and clear.
If you are an older person and you worry you may not be able to leave as much to your family as you like, a St. Louis Chapter 13 Bankruptcy Lawyer can help. By discussing your particular assets and debts, a lawyer at the Westbrook Law Group can come up with a plan that works for you. This will give you a nice gift to leave to your family or to the charity of your choosing.